Ethereum, altcoins risk more downside than Bitcoin if BTC losses $30K, warns analyst

Ethereum, altcoins risk more downside than Bitcoin if BTC losses $30K, warns analyst

Bitcoin
June 26, 2021 by Bobby Chaim
111
So believes Filbfilb, an independent market analyst and co-founder of Decentrader trading suite. When Bitcoin consolidated between $50,000 and $60,000 in the March-May period, altcoins exploded. Filbfilb noted that altcoins have been facing a so-called “catchup risk,” hinting that even a small downside shift in the Bitcoin market could move altcoins twice lower. For instance,
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So believes Filbfilb, an independent market analyst and co-founder of Decentrader trading suite.

When Bitcoin consolidated between $50,000 and $60,000 in the March-May period, altcoins exploded.

Filbfilb noted that altcoins have been facing a so-called “catchup risk,” hinting that even a small downside shift in the Bitcoin market could move altcoins twice lower.

For instance, Ether , the second-largest cryptocurrency, dropped by a little over 60% from its mid-April peak of $4,384.

So it seems, altcoins provided better profit-taking opportunities to their holders than Bitcoin did.

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