As Bitcoin continues to set new 2019 high after high, altcoins continue to bleed over the crypto market, with many setting new precipitation over their BTC connections.
With sentiment surrounding alcoins reaching extreme downs, these price levels may present lucrative buying opportunities if Bitcoin can stabilize over $ 6,000. If the leading crypt of the market host cannot, the bearish carnage can continue.
Altcoins Dangerous Level Market Like BTC Dominance Spikes
BTC dominance has risen steadily since $ 4,200 resistance shortage, which led to some day being a healthy decoupling between the first cryptocurrency and alts, which is considered necessary before a true Bitcoin bull run can begin.
$ BTC Dominance right to September 2018 heights
If it continues to push up, Bitcoin dominance will hit heights not seen since December 2017
And if you don't know what this means … it means that all the coins have died inside pic.twitter.com/U9ViJoVmaM
– Josh Rager 📈 (@Josh_Rager) May 10, 2019
According to crypto analysts, BTC dominance hit the highest has since September 2018, and has risen as much as ten points during the last month alone. The reverse correlation between Bitcoin and altcoins began after Bitcoin broke $ 4,200.
Shit coins really live up to their names
– Josh Olszewicz (@CarpeNoctom) May 10, 2019
While many analysts fear worst for altcoins if Bitcoin drops from here – a zone that can serve as Heavy resistance but has not yet done so – warning of certain deaths for altcoins should be destroyed the important crypto-market support of $ 180 billion.
Alts is really being annoying, they need either to pick up soon or they will coincide with Bitcoin when the total crypto market race goes below $ 180B
– Former ScienceGuy9489 (@Etherdamus) May 9 2019
Analysts are divided on Which patterns show patterns that show signs of where the crypt market goes next. Many believe that altcoins went into a distribution phase after the short-lived all season that was over us, which led many altars to double in value during 2019.
Literally will post something similar, but with btc and Cardano. Good looking my friend. https://t.co/ZAfE0CmJkA
– Mayne (@Tradermayne) May 9, 2019
The same traders believe that altcoins diagrams are a bit ahead of Bitcoin, claiming that Bitcoin will be next in the agenda for smart money to start distributing and taking profits from the last collection.
(or they die lol)
– The Crypto Dog📈 (@TheCryptoDog) May 9, 2019
Others, Follow the old Baron Rothschild quota of "buy when there is blood in the streets", And believe that altcoins are currently an attractive buy at these levels, which can lead to lucrative trades.
99% of you probably disagree with me and that is good
I'm bullish on alts pic.twitter.com/677rKXOTdc
– Bitcoin 𝕵ack (@BTC_JackSparrow) May 9, 2019
Warrant Buffet also supports a similar counter-sentiment mindset for investing, suggesting that people should be greedy when others are scared but dreadful when others are greedy. The perfect example of this strategy is found in price charts from none other than Bitcoin itself, showing that the "bottom" was largely missed by buyers who were too scared to buy at annual downs.
Related reading | From $ 20K to $ 3K and Back: How Bitcoin Price Counters Sentiment in Crypto Market
The modern crypto-equivalent of the two quotes will look a bit like this …
Sell alts when shitcoiners claim to return $ BTC .
Buy when maximalists gloat about altar that goes to zero.
– ฿ TF% $ D! (@CryptoHustle) May 10, 2019
Now, with the bottom probably behind us, Crypto Investors must find the right entry point to maximize their ROI – is that time now that altars have reached new downs on Bitcoin ?