Altcoins Surge as Bitcoin Taps $9,900; Will BTC Gains Start to Flow Into Other Cryptos?
Bitcoin has been facing mounting selling pressure ever since it first flirted with $13,800 last week. This subsequent drop has led most altcoins to erase the majority of the gains that they have incurred over the past several weeks.
Despite this, analysts are noting that the many cryptos are now surging against their BTC trading pairs, which could be emblematic of an imminent “altseason,” where profits from Bitcoin’s recent surge are redirected to other cryptocurrencies.
Bitcoin Briefly Drops Below $10,000, But Altcoins Hold Strong Against BTC
At the time of writing, is trading down nearly 8% at its of $10,300, but is up slightly from its daily lows, as its price briefly dipped into the upper-$9,000 region before quickly being pushed higher.
While zooming out and looking at BTC over a seven day trading period, it is clear just how bearish its near-term price action has been, as it has plummeted from weekly highs of $13,800, signaling that its bulls are not ready to propel it back towards its previously established all-time-highs.