Bitcoin and altcoins are forming a strange correlation as of late, according to data provided by market analyst Ceteris Paribus.
The noted cryptocurrency trader found that leading altcoins plunged massively every time bitcoin tested or hinted to check the $10,000 level. Between June and August 21, bitcoin closed above the $10,000 mark four times. And each one of its upsurges extended the downside action of specific cryptocurrencies.
For instance, Ethereum’s ETH furthered its downfall from $298 to $188.17, while passing through $280.56 and $213.61. Each of those price depletions coincided with bitcoin returning to hit the five-figure mark.
“Bitcoin first hit $10K two months ago on June 21st. Since then, it has traded around this level on multiple occasions. Every time it has returned to ~$10K, major [altcoins[ have bled out a little more in the process.” Read More at NewsBTC...