Saturday, April 13, 2024

    Bitcoin Price Behemoth Sends Altcoin Markets in Gloomy State

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    For those holding Bitcoin it is party time, the King of crypto smashed another record today as it approached $7,000. Yesterday’s news that the world’s largest derivatives exchange group, CME Group, will be introducing a Bitcoin-based futures contract sent the currency skyward as Wall Street woke up. The hype and hysteria have done wonders for Bitcoin and its recognition and ascension to mainstream trading.

    For those holding altcoins, it is another story altogether, the BTC bull has bashed them all. The thing with the majority of altcoins is that you need Bitcoin to buy them, not many exchanges will let you use fiat, some of the major ones such as Bittrex only deal in Bitcoin so you have to go through two exchanges in order to buy altcoins. The Bitcoin gold rush has caused the flow to reverse, traders, are dropping altcoins like hot rocks in order to buy back into Bitcoin which has risen by over a thousand dollars in a week.

    Ethereum has taken a hit, finally breaking out of its two-week channel between $310 and $290. Support levels were broken and ETH has started a downwards motion towards $280. Some may see it as a buying opportunity but that depends on how far further Bitcoin will go, it is eating its siblings alive.

    Other altcoins are suffering a similar fate; NEO has collapsed from a high of almost $50 in mid-August to around $25 today. News from China that exchanges may reopen only produced a short-lived spike in the chart for this crypto. Also losing over 50% of its value is OmiseGO which has fallen from highs of around $13 in early September to just over $6 today. Its impressive roadmap released last week was not enough to prevent the downward slide.

    Litecoin has seen likewise action, South Korea’s move to enable trading on Coinone, the country’s second-largest exchange, did nothing to help Bitcoin’s smaller sibling to gain traction. It too has been in a sideways channel and has now dropped towards $50. Ripple has fared no better and has fallen below $0.20 to its lowest level for two and a half months.

    Only a few have managed to ride the wave with Bitcoin and these include Bitcoin Cash and BitConnect which are both trending upwards. For those holding altcoins, the picture may look bleak, but a phrase commonly used in crypto circles applies more than ever right now – HODL – Hold On for Dear Life.

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