Altseason on Hold? Altcoins Decline as Bitcoin Falls Below Local Support (Bitfinex)
Main Idea
Bitcoin and altcoins have experienced significant declines recently, with altcoins underperforming Bitcoin, reflecting a rapid de-risking trend among investors.
Key Points
1. Bitcoin (BTC) tested local range lows near $115,800 but gave way over the weekend, with altcoins following suit.
2. Bitcoin's market cap remains above $2.2 trillion, nearly double its 2021 cycle, despite recent selling pressure.
3. Altcoins performed worse than Bitcoin last week, with ETH down 9.7% and the broader altcoin market (OTHERS index) down 11.5%.
4. ETH has plummeted 15% from its recent peak, while the OTHERS index is down 18.7% from its cycle high.
5. The OTHERS index has lost roughly $59 billion in value over the last 11 days, indicating rapid de-risking by investors.
Description
Over the past three weeks, bitcoin (BTC) has been testing its local range lows near $115,800. Unfortunately, it gave way over the weekend, and the leading cryptocurrency fell to $112,000. Interestingly, altcoins followed suit, seemingly abandoning the bullish momentum they had ridden during this altseason. This raises the question of whether this decline is just a break in the altseason or the end altogether. Bitcoin Falls Below Local Support Bitcoin’s decline follows persistent market weakness ...
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