BTC is in reverse correlation with altcoins
Altcoins and BTC are now more closely related than they were a couple of months ago. If earlier bitcoin pushed other cryptocurrencies up, now individual altcoins can support BTC
The rise to $ 28.5 thousand and the subsequent consolidation to $ 26,000 caused a lot of controversy in the cryptosphere. Most investors are inclined to think that the previous upward movement is not the maximum that bitcoin is designed for. Support at $ 26,000 proved to be strong enough for the first cryptocurrency to rise shortly.
The trend in the altcoin market following the rebound from the recent low has triggered a sharp rise in cryptocurrencies. Ethereum is the true leader of the bull rally.
However, now, if you look at the price movement charts, you can see a temporary lull. All altcoins froze and are waiting to see how things will be with the bitcoin price.
Traders also froze. Most believe there are good opportunities ahead. They will depend on whether the first cryptocurrency can cross the $ 28,000 threshold again.
If there is a rise to $ 30,000 soon, the gate will open for further explosive growth. Altcoins will immediately react to a bull market and their charts will turn green.
Many cryptocurrencies have already risen well on the rise in the price of BTC. For example, ETH went up to $ 700. It is believed that he and other altcoins, which have been actively rising in price in recent days, also serve as support for the next Bitcoin rally.
It looks like the market is entering a phase where altcoins are inversely correlated with BTC. We will keep you updated!