Bitcoin is ruling the market charts, while altcoins fall shy of the star crypto’s dominance. BTC Price at press time is valuing at $57,348.96, with gains for the past 24-hours at 1.7%. The coin has managed to climb above its previous support levels. The next major resistance for BTC is around the $58,000 mark. The coin needs to close it, before heading towards its previous ATH.
The top-tier altcoins have fallen on the charts. While the second-largest crypto values at $3,453.26, with a dip of 3.1% in the last 24-hours. Cardano Price is trading at $2.10, with a dip of 4.8% from the previous day. Other altcoins are following a similar trend, while smaller coins plummet harder. The crypto market cap has shed off around 1.7% in the past 24-hours at the press time.
Bitcoin crossing its next big resistance would be worrisome for altcoins. Analyst mentions, the escape plan would be to liquidate, as the target nears. And hold on to the bags, to buy some dip at the entry zone.
Another analyst advises the buyers might have to be conservative with altcoin purchases, at this stage. As the price might dip further, with rising Bitcoin dominance. However, past experiences suggest the cycle to be repeating. The irregularity with the movement of altcoins with respect to Bitcoin is possible because of the fact that people are eager to trade off their altcoins with BTC.
Traders need to watch out for pairs of BTC against USDT, ETH/BTC, before entering the market. In addition, it would be wiser for buyers to skip out on smaller coins. Until the bigger coins are done correcting, these tend to plummet harder.
Collectively, the crypto proponent, Micheal de van Poppe, believes the market to mirror Q4 2020 and Q1 2021 again in the next 6-months. He also believes December/January to be the best time for altcoin shopping. We can expect a trend reversal in a similar fashion with ALT coins. Moreover, BTC will lead the pack, as the trend normalizes.