{"id":379624,"date":"2019-04-25T00:01:09","date_gmt":"2019-04-25T00:01:09","guid":{"rendered":"https:\/\/wncen.com\/?p=379624"},"modified":"2024-06-11T07:39:42","modified_gmt":"2024-06-11T07:39:42","slug":"bullish-bitcoin-altcoin-carnage-continues","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bullish-bitcoin-altcoin-carnage-continues\/","title":{"rendered":"Bullish Bitcoin Altcoin Carnage Continues, Analyst Says Capitulation Just Beginning"},"content":{"rendered":"

Bitcoin\u2019s early April 2019 rally<\/a> through resistance at $4,200 halted the ongoing altcoin season in its tracks<\/a>, and following the latest upward move in Bitcoin price charts the value of altcoins both relative to BTC and USD have began to plummet \u2013 with some setting new bear market lows.<\/span><\/p>\n

In the aftermath of yesterday\u2019s further Bitcoin rally to $5,650, BTC dominance broke out of resistance, causing additional bleeding in the altcoin market. As the decline continues, a leading altcoin analyst believes that capitulation in altcoins has only just begun, while another analyst predicts just how far BTC dominance will rise during the altcoin reckoning.<\/span><\/p>\n

Altcoin Market a Sea of Red Following Further Upward Bitcoin Movement<\/span><\/h2>\n

The overall altcoin market has taken a massive hit<\/a> in the last 24 hours, with most of the top ten experiencing 8% or more losses on the day<\/a>. <\/span><\/p>\n

EOS<\/a> was the worst performer of the crypto top ten<\/a>, dumping as much as 9.65% of its USD value, while Ripple<\/a>, which has performed very poorly during the short-lived alt season, dropped another 7.5% to 30 cents per XRP.<\/span><\/p>\n

Related Reading | Altcoin Trader: Alt Market Cap Shows Longest Accumulation Phase Yet\u00a0<\/a><\/strong><\/em><\/p>\n

Litecoin<\/a>, which helped lead the initial altcoin rally and sparked what many were calling an alt season, has fallen 7.88% to $72.32 and is down over $20 from its local high of $94.<\/span><\/p>\n

Even Binance Coin<\/a> that\u2019s shown resilience in the face of most bearish selloffs since the bottom was in back in December, took a significant hit.<\/span><\/p>\n

Bitcoin Pumping While Altcoins Dump Inverse Relationship Began At Break of $4,200<\/span><\/h2>\n

Crypto analyst Luke Martin has shared a chart that visualizes when the inverse correlation between BTC and alts began. As demonstrated in the chart, altcoins had been closely following Bitcoin<\/a> alongside it for each peak and trough, up until the Bitcoin\u2019s break of $4,200. <\/span><\/p>\n

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$BTC<\/a> pumping & alts dumping visualized. <\/p>\n

Generally speaking most alts had positive corr with Bitcoin's moves for the past 5-6 months. <\/p>\n

Relationship changed right after the $1k $BTC<\/a> breakout.<\/p>\n

*cc of $ETH<\/a>, $LOOM<\/a>, and $VET<\/a> used as an example* pic.twitter.com\/vCYu7bw4jF<\/a><\/p>\n

— Luke Martin (@VentureCoinist) April 23, 2019<\/a><\/p><\/blockquote>\n