Will Altcoins Drop Because Of The BTC Halving?

The latest altcoin news and rumors show that there are tons of possibilities for the prices of alternative cryptocurrencies after the infamous Bitcoin halving which is expected to take place in two days. While Bitcoin has had a notable upswing yesterday, the big question is – will altcoins drop because of the upcoming BTC halving?

The truth is, BTC neared the $10,000 mark yesterday but retraced to $9,600 – you can read more about it here – and at this point, the intense uptrend of the dominant coin is showing no signs of slowing down as it continues gaining dominance over the entire market.

Analysts and traders joined forces to discuss the potential outcomes of the Bitcoin halving. Some are noting that other cryptocurrencies could be positioned to see some serious losses in the weeks ahead as they all decline against their BTC trading pairs.

Highcaps continue to sell off

If BTC sells off drastically post halving then expect alts to hit some major lows yet again. pic.twitter.com/zdKIqAAMtQ

— TraderXO (@TraderX0X0) May 6, 2020

So, will altcoins drop because of the Bitcoin halving on Monday?

The truth is, it is possible that an exodus could occur, however not many altcoins could lose significant value because of it. Analysts are now noting that the possibility of BTC seeing a post-halving crash could be enough to drag many altcoins further and bring them to fresh multi-year lows.

At the time of writing, Bitcoin is above $9,600 and trading up just under 2% as it is flirting with the $9,700 mark. The Bitcoin news showed that the coin has been able to extend the momentum that came about a couple of days ago when it started pushing higher after an extended bout of consolidation around $8,800.

The momentum has been unique to the benchmark cryptocurrency, however, as virtually all major altcoins have been declining throughout the past couple of days, no one knows the next moves for Bitcoin.

$BTC. D
Big jump today. A potentially very painful situation developing if it breaks out towards the next resistance. Each 1% rise in BTC.D roughly equates to a 6-12% drop against the BTC pairings for #alts. Hard to imagine no matter what BTC does that alts dont see a lot of pain pic.twitter.com/ZXdbXcPWha

— ₿ Pentoshi (@Pentosh1) May 6, 2020

Will altcoins drop over the course of next week?

The momentum is good for now, and all of the top 30 digital assets by market cap are underperforming BTC but are not far from new gains. There are multiple winners in the altcoin news today, starting from the Bitcoin Cash (BCH) token which rose by 6% to a price of $268, down to the Chainlink (LINK) token which capitalized with a surge of 5% to arrive to $3.96.

So for now, altcoins are safe – but all of this could change on Monday with the BTC halving.