Altcoins prepare to see “capital rotation” movement as the BTC rally enhanced and they lagged far behind BTC which is in the process of showing the market why it is the leader on the market as we can see more in today’s BTC news.
The number one cryptocurrency rally provided some tailwinds for other altcoins but they still have to reach parity with the momentum that is being seen by BTC. One trader explained that he is now watching for a capital rotation event out of BTC into other altcoins. He noted that there are signs of this happening including a sharp decline that was seen by BTC overnight giving way for the ETH rally.
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Bitcoin was taking the lead over the market today with the cryptocurrency rallying past $20,000 a day ago, and receiving parabolic gains today while other altcoins mostly stagnate. Where will BTC trend in the mid-term undoubtedly depends on whether it is able to maintain the present strength as any “blow-off top” that could prove to be dire for the future price action. One trader thinks that the crypto’s near-term will govern one of altcoins noting that the price drop that is seen by BTC could actually be surprising for other altcoins.
At the time of writing, BTC is trading over 8% with a current price of $23,150 which marks a huge surge from the recent lows of $17,600 set just a few days ago. The selling pressure that was seen at $20,000 was strong but the clear break above allowed BTC to enter what seems to be price discovery mode. Altcoins prepare to see a capital rotation movement as they were stagnating mostly and saw gains that are well below those seen by the number one cryptocurrency.
One trader explained in a tweet as well that the altcoins are likely to see a massive capital flood as the investors prepare to rotate out of BTC. He pointed to Ethereum’s 8% surge in the time shortly after the number one cryptocurrency peaked a new high of $23,800 saying:
“ETH just pumped 8% as BTC dumped. Big for alts. Capital rotation.”
If the trend persists, the BTC price decline could become a bullish catalyst for the altcoins in the near-term.
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