Bitcoin’s [BTC] exaggerating run is a great piece of news for Bitcoin ‘holders’ and persistent bulls. Moreover, while the altcoins have also gained slightly with the momentum, the holders are altcoins are growing increasingly uncertain.
There is a massive sell-out of altcoins that is currently in progression w.r.t. Bitcoin. Nevertheless, as the value remains consistent concerning the dollar due to Bitcoin’s rise, it might also seem justified that altcoin holders are still hoping for a revival of the market.
The total market capitalization of altcoins hasn’t increased much as there is significant de-coupling between Bitcoin and altcoins at the moment. While Bitcoin continues to hover around $13000, the altcoins lost about $7 billion since yesterday, bringing the total market capitalization of altcoins close to $130 billion again.
Ethereum and XRP Testing Major Support Level
Nevertheless, Ethereeum has been rising steadily with bitcoin as it broke above $350. The altcoins are currently testing significant support levels on the weekly w.r.t. Bitcoin. However, almost all other altcoins are taking massives double-digit losses with respect to Bitcoin.
XRP/BTC graph is also showing similar characteristics. Bitcoin’s exuberant rise has been highly diminishing for XRP holders who continue to lose value w.r.t Bitcoin [BTC].
Bitcoin Cash [BCH] which broke above $500 recently, also traded lower both with respect to Bitcoin and USD. The price of Bitcoin Cash [BCH] at 5: 45 hours UTC on 27th May 2019 is $480. It is trading 2% lower on a daily scale. The other altcoins are also recording similar losses.
Litecoin [LTC] and Binance [BNB] Coin are down nearly 4%. Furthermore, EOS, Tron, and Cardano are also taking massive losses of about 8%.
The only notable increase was seen in Chainlink, as it gained 15% on a daily scale. It can be attributed to the educational video on the Google cloud platform that mentioned the use of Chainlink.
Do you think altcoins will be making a reversal soon or there is further downside to it? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com