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While Bitcoin continues to set a new peak in 2019 after a high, the altcoins on the cryptography market continue to empty, with many new lows compared to their BTC pairs.
With the climate surrounding altcoins reaching extremely low levels, these price levels could present lucrative buying opportunities if bitcoin could stabilize above $ 6,000. If the main crypto by market capitalization can not, the bearish bloodbath can continue.
Altcoins on the market to dangerous levels, while the domination of the BTC increases
BTC's dominance has risen steadily since the resistance broke at $ 4,200, which caused a healthy decoupling between the very first cryptocurrency and the others, which was considered necessary before the start of a real one. race to the rise of Bitcoin.
$ BTC Dominance at the height of September 2018
If it continues to increase, the domination of Bitcoins will reach new highs since December 2017
And if you do not know what it means, it means that your alt parts are dead inside. pic.twitter.com/U9ViJoVmaM
– Josh Rager ? (@Josh_Rager) May 10, 2019
According to crypto-analysts, BTC's dominance closed at its highest level since September 2018, and rose 10 points in the past month alone. The inverse correlation between Bitcoin and Altcoins began after Bitcoin was over $ 4,200.
Shit pieces at the height of their name
– Josh Olszewicz (@CarpeNoctom) May 10, 2019
While many analysts fear the worst for the altcoins if Bitcoin were to disappear from here (an area that could serve as a powerful resistance but have not yet done), they warn of the disappearance of some deceased for the altcoins if the $ 180 billion support of the crypto-market market capitalization was broken.
The Alts are really annoying, they must either catch up, or fall with Bitcoin when the total market capitalization of crypto falls below $ 180 billion.
– Formerly ScienceGuy9489 (@Etherdamus) May 9, 2019
Analysts are divided on altcoins graphical models that show the next evolution of the crypto market. Many believe that altcoins have entered a distribution phase after the short seasonal season reserved for us, with many altcoins doubling in value in 2019.
I was going to publish something similar, but with BTC and Cardano. Good look, my friend. https://t.co/ZAfE0CmJkA
– Mayne (@Tradermayne) May 9, 2019
The same traders believe that altcoins cards are slightly ahead of Bitcoin and claim that Bitcoin will be next on the smart money agenda to start distributing and taking advantage of the recent rally.
(or they die lol)
– The crypto dog (@TheCryptoDog) May 9, 2019
Others, however, follow the Baron Rothschild's old quota of "Buy when there is blood on the streets" and think that altcoins are currently an attractive buy at these levels, which could lead to lucrative trading.
99% of you probably do not agree with me and that is fine
I'm bullish on the alts pic.twitter.com/677rKXOTdc
– Bitcoin recovery (@BTC_JackSparrow) May 9, 2019
Buffet Mandate also supports a similar counter-sentiment mentality for investing, suggesting that people should be greedy when others are scared, but fearful when others are greedy. The perfect example of this pay strategy lies in the price charts of none other than Bitcoin itself, showing that the "floor" was missed for most buyers who were too fearful to buy at the lowest annual .
Related reading | From $ 20,000 to $ 3,000 and up: how the Bitcoin price corrects sentiment in the crypto market
The modern crypto equivalent of both quotes would look a bit like this …
Sell alts when shitcoiners claim they're going to turn around $ BTC.
Buy when the maximalists are jubilant about alts going to zero.– ฿ TF% $ D! (@CryptoHustle) May 10, 2019
Now that the trough is behind us, crypto investors will need to find the right entry point to maximize their returns – is it now that altcoins have reached new lows relative to Bitcoin?
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