Why Ethereum and Altcoins Faced Carnage As Bitcoin Hit $19,500
The ongoing Bitcoin rally brought investor interest back to altcoins in a big way, but as soon as the top-ranked cryptocurrency made it above $19,000, it has been nothing but carnage for Ethereum and the rest of the altcoin space.
Here’s why these assets faced carnage as soon as Bitcoin hit $19,500, and why it might signal a short-term top is near the crypto market.
Ethereum And Other Top Altcoins Suffer Carnage As BTC Nears ATH
With a new record so close crypto bulls are so confident and salivating at the milestone, that they’re dumping their altcoins – now in profit – back into BTC for what they believe to be the eventual push higher.
Bitcoin Ended Alt Season As It Passed $19,000, Peak Is Possible
The divergence is clear. Bitcoin passed $17,700, causing altcoins to soar. But as soon as $19,000 was cleared, things have turned for altcoins as evident by the ETHBTC trading pair. Ethereum has tanked compared to Bitcoin’s ongoing bullishness.
The boom in altcoins is one of three factors CNBC’s Brian Kelly points to as a near-term top.