https://s3.cointelegraph.com/storage/uploads/view/7c6841b57758c1fe46f268bdb037bf53.png
BTC dominance down, BTC in the red, most top alts in the green; the rest of the month prior to now, BTC dominance up, BTC in the green.
I didn't see this article (posted today) until right now
but it is another statement mirroring the posts made on page 1
"People get intrigued by the hype around the event, as they expect a short-term bullish outcome to occur on the markets, and they start to buy into Bitcoin.
Where can we see that? In general, these movements can be spotted in the altcoin markets. Usually, when Bitcoin sees a big rally, people FOMO into Bitcoin. One such example is Ether (
ETH).
ETH BTC 1-day chart. Source: TradingView
While the USD value of Ethereum is remaining relatively stable (as the price has been hovering between $197 and $215 in the past two weeks), the BTC pair is getting absolutely hammered.
But why? It’s because people are selling their altcoins to catch up to Bitcoin. Ether has seen a selloff of 20% in the BTC pair in the recent week, while ChainLink (
LINK) and Tezos (
XTZ) have seen a 30% selloff in the past ten days. Indeed, all selloffs have been seen in the BTC pair while the USD pairs have remained relatively stable.
Interestingly, previous bull market moves have seen similar action. For example, Bitcoin’s peak price was during December 2017 with a high of $19,700. This was when there was a huge selloff in the BTC pairs of altcoins.
However, just around this time, the altcoins started to bounce heavily and showing strength, resulting in the biggest “altseason” the market has ever seen. The price of Ether rallied towards $1,300-1,400 in the month after that.
A similar structure is also forming right now. The selloff of altcoins results in low prices enticing investors to jump back into Bitcoin. This is why today when the price of Bitcoin retraced a few hundred dollars, many altcoins bounced such as Chainlink."
"This dropdown and retrace should trigger altcoins to start rallying as they are eager to follow Bitcoin. Hence, a breakdown below $9,400 could be a sign for them to start recovering.
Losing the $9,400 level would be a bearish signal for the momentum of Bitcoin, but potentially a bullish signal for altcoins to catch up."
You don't have to believe this article either, but I don't know how else to put it that they
didn't already, or that this article doesn't, or that people I talk to wouldn't.
Like I said, I mean zero offence, either. And maybe we're somehow wrong and you're correct. You get what has been said, and those people are entirely incorrect. I just bring it up light-heartedly because I found it interesting that I clicked on the first page by chance, and saw a debate describing exactly what is taking place the past week, from 2 years ago. I also figured you may have reconsidered your stance since then on the topic.
EDIT: Look at the selling volume of ethereum if you think people aren't selling alts to switch to btc, but the cause is that alts are still gaining or holding steady, while some double digit billion dollar whales are pumping bitcoin and bitcoin alone, thus creating the discrepancy we see right now.
PS: Like I said, this bodes well for altcoins, which is why I said it is a bullish indicator. The may play in the short-term was to accumulate or hold your alts, and leave btc alone, or profit take a bit and put it into your alts.
If this rally ran into zero resistance and kept soaring into the moon without ever looking back (we all know that had 0.00% of taking place) altcoins would have been absolutely left in the dust and those red candles would have become red yard sticks
I say that sincerely
