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The ongoing Bitcoin rally has brought back investor interest in altcoins in a big way, but as soon as the cryptocurrency in first place surpassed $ 19,000, it was nothing more than a carnage for Ethereum and the rest of the altcoin space.
That’s why these assets faced carnage as soon as Bitcoin hit $ 19,500 and why it could signal a short-term high is close to the cryptocurrency market.
Ethereum and other top altcoins suffer carnage as BTC approaches ATH
Today could be the day when Bitcoin breaks its all-time high and almost anyone in the crypto space knows this.
And this is the main reason in a nutshell why altcoins like Ethereum, XRP and dozens of others suffered a strong pullback once the most dominant cryptocurrency hit $ 19,500.
Related reading | Dominance of bitcoin and the dollar: five factors behind the current altcoin season
Just a couple of hundred dollars away depending on the exchange, Bitcoin’s price is now as close to its all-time high as possible, and each attempt by the bulls is getting closer and closer.
With a new record so close, cryptocurrency bulls are so confident and drooling for the finish line, they are dumping their altcoins – now in profit – back into BTC for what they believe is the ultimate push up.
ETHBTC and altcoins slide as Bitcoin nears all-time high against the dollar | Source: BTCUSD on TradingView.com
Bitcoin ended the alternate season when it surpassed $ 19,000, peak is possible
The divergence is clear. Bitcoin surpassed $ 17,700, causing altcoins to rise. But as soon as $ 19,000 was liquidated, things changed for altcoins, as evident from the ETHBTC trading pair. Ethereum plummeted from Bitcoin’s ongoing bullish trend.
The altcoin boom is one of three factors CNBC’s Brian Kelly points to as a short-term high.
Related reading | Here’s what will happen to altcoins once Bitcoin has passed $ 20,000
But when Bitcoin reaches its all-time high, altcoin fireworks usually occur, so the downside of alternative crypto assets is likely limited too.
Featured image from Deposit Photos, Charts from TradingView.com
