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

[Fawpac2]

Altcoin traders and investors should look for cover if Bitcoin (BTC) undergoes major price declines.So believes Filbfilb, an independent market analyst and co-founder of Decentrader trading suite. In a tweet published late Friday, the pseudonymous entity said a 30% crash in the Bitcoin market could prompt altcoins to drop twice as harder.When Bitcoin consolidated between $50,000 and $60,000 in the March-May period, altcoins exploded. Similarly, the recent correction in the Bitcoin market, which witnessed the flagship cryptocurrency falling from circa $65,000 to as low as $28,000, also had altcoins crash; still, to the levels, they held as support when Bitcoin was stuck in the $50K-$60K range.Bitcoin price vs. altcoin market cap. Source: TradingView, Filbfilb 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. The statement appeared as Bitcoin prices plunged to $30,173 following a 15.58% week-to-date downside correction."[Altcoins], therefore, carry significantly more downside risk than Bitcoin with [BTC/USD] threatening lows," tweeted Filbfilb. "If bitcoin were to fall lower, losing another 30% worst case, I'd expect [altcoins] to correct to do 2x worse from here.Source

[Alcor]

Even if these predictions come true, it's okay, it's all temporary. Promising altcoins will always grow as they develop faster than Bitcoin itself. It should also be borne in mind that the rules of the game in this market will constantly change. Therefore, the results of previous market observations may not be triggered. But now, while the summer continues, the cryptocurrency may still fall and periodically rise. I would like to hope that in the fall, traditionally, the cryptocurrency will grow again.