Altcoins across the board-including Ethereum, Bitcoin Cash, Litecoin, EOS, and Binance Coin-are surging as Bitcoin makes its ascent past $7,000.
Altcoins have been hemorrhaging capital as bitcoin climbed from $5,687 on May 7 to $6,343 on May 11-an 11.5 percent increase.
Some even went as far as to call the relationship between bitcoin and altcoins a "Massacre."
Examining the relationship between bitcoin and altcoins.
Gains in bitcoin are followed by major altcoins-such as litecoin, bitcoin cash, ethereum, and XRP-and then by minor altcoins, such as chainlink, decred, and neo.
Now, the pattern may be repeating as bitcoin once again gains dominance.
As seen in the past, altcoins were losing value as bitcoin marched upwards in dominance.
Now these gains are starting to flow into altcoins as bitcoin accelerates past $7,000.
If bitcoin continues to post astronomical gains with limited capital inflow into the overall market, then altcoins may continue to perform poorly.
If bitcoin surges and then consolidates, it's possible altcoins will see delayed gains as Felman has suggested.
Altcoins post double-digit gains as bitcoin accelerates past $7,000
Publié le May 11, 2019
by Cryptoslate | Publié le Coinage
Coinage
Mentionné dans cet article
Nouvelles récentes
Voir tout
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.