Altcoins Thrive While Bitcoin Dips in a Dramatic Week of Crypto Trading

[sirty143]

Altcoins Thrive While Bitcoin Dips in a Dramatic Week of Crypto Trading

This past week in the crypto economy proved intriguing, as bitcoin’s value declined by 5.7% while ethereum enjoyed a 10.8% uptick against the U.S. dollar. Leading the pack in market gains, SUI experienced a remarkable surge, escalating over 74%...See more for yourself here.

Your opinion is greatly appreciated.
 

[SamReomo]

That happened because the bull run is already started and during the bull run altcoins won't get much impacted due to Bitcoin's dips. Highly intense dips in Bitcoin will affect the price of altcoins to some extent but they won't get impacted that much during the bull run.

On 12th January when Bitcoin face a dump on that day Ethereum was also dumped by 9% on daily chart but its price later recovered. It's still in $2500 range till now but on 12th January it's price was over $2700. So the ETH's price is also impacted a little bit but not a lot this time.

[Z-tight]

This is the news that is all over the media right now, so many people speculate that it is as a result of the talks about an altcoin etf proposal, i don't know if that is true but it is not a usual thing for BTC price to fall while altcoins rise in price. I believe the BTC market is experiencing a correction just right after the BTC spot etf approval and there will be positive signs in the next few weeks and also in the long run.

[Captain Corporate]

I did not realize that alts had a good week, specially ETH, when I look at it, it doesn't look in green for the past seven days, but maybe I took the wrong period to calculate. All in all, domination changes during these times, and I can guarantee you, there will be a period when bitcoin will go up al to more than alts during this period, it will not be all that easy and people will lose a lot of profit chances if they do not switch to bitcoin. Why? Because during the bull run, first bitcoin goes up, and it goes up as much as it can, then it can't anymore, so people take their profit and start putting their profit into altcoins to make money from that.

[yhiaali3]

There was a strange movement last week as large wallets sold Bitcoin for Ethereum. In other news, Gray Scale also sold about 11,000 Bitcoins (out of the 620,000 Bitcoins it owned) before the recent decline. The company had knowledge of the approval in advance. Therefore, they sold these quantities with the recent rise to exploit the news. This played a role in the decline in the price of Bitcoin.
https://www.coindesk.com/markets/2024/01/16/grayscale-moves-another-9k-bitcoin-to-exchange-in-preparation-for-sale/

I expect that the main reason for Bitcoin's decline is excessive optimism that Bitcoin will rise skyrocketing after the approval. I said in a previous topic that we must be careful of this optimism because the market often goes against expectations.

[Gurujebs]

This past week in the crypto economy proved intriguing, as bitcoin’s value declined by 5.7% while ethereum enjoyed a 10.8% uptick against the U.S. dollar. Leading the pack in market gains, SUI experienced a remarkable surge, escalating over 74%...See more for yourself here.

Your opinion is greatly appreciated.

I tell people that ETF hype was priced in the moment SEC did their thing, it was never in their DNA to like bitcoin and so is this going to continue but since they approved it maybe this is going to have impact layer in the future but I don't think there will be any major impact right now. Even Blackrock CEO has been announced to be buying some Bitcoin for the listed ETF that has been going on his platform but other market makers aren't move by the actions.

Ethereum ETF is not coming now because I think their is going to be an evaluation and review of Bitcoin before they may even approved any of this ETF or any pending applications in general. As for the market, the correction is imminent and we may fall below where it's even trading right now.

[Faisal2202]

Another article praising ETH and its derivatives, I can sense the same fake hype creation that was created for BTC ETF, news outlets only want to share the rumor with any information available and then at the end, they sell the news or the authorities sell the news. By the way, I don't think it is a good comparison between BTC and ETH because we all know BTC doesn't have a direct and sudden impact on alts.

For example, when money is flowing into the BTC then dominance increases and alt's dominance decreases which as a result increases the price of BTC but decreases the price of alts. The same thing happens if the dominance of BTC decreases the price of alts increases.

[Z-tight]

I did not realize that alts had a good week, specially ETH, when I look at it, it doesn't look in green for the past seven days, but maybe I took the wrong period to calculate.

It pumped just after the BTC spot etf's were approved, and many people began discussing about an Altcoin etf, i think all of these is just short term movements and correction, in the long run BTC price will pump. Many investors are so impatient right now, they expected a pump immediately the approval was announced, but they have to be patient, it is going to be an organic movement.

[bitterguy28]

Altcoins Thrive While Bitcoin Dips in a Dramatic Week of Crypto Trading

This past week in the crypto economy proved intriguing, as bitcoin’s value declined by 5.7% while ethereum enjoyed a 10.8% uptick against the U.S. dollar. Leading the pack in market gains, SUI experienced a remarkable surge, escalating over 74%...See more for yourself here.

Your opinion is greatly appreciated.

Week after , the market goes back to its normal movement that they are all bloody now , bitcoin is in dip while altcoins have the same faith as I am typing this .
and it seems that we are entering the Bear market as we are nearing Halving that basically a Bad shows of its prices ?
but you are correct on that Last week Bitcoin drops while altcoins shape its green for a while.