As this Sunday trucks along, it has become rather apparent the cryptocurrency markets are getting battered once again. Despite a rising Bitcoin Dominance Index, it is fairly obvious to see the prices are being pushed down in violent fashion all across the board. Not the trend traders are looking for, but it is not entirely too surprising either.
Another bad day for Altcoins
This past week has been very interesting for all cryptocurrency markets, albeit not necessarily in a positive manner. Most markets lost a lot of value, even though Bitcoin wasn’t looking overly bearish until earlier today. In fact, the world’s leading cryptocurrency lost all of its value today, which shows there was a somewhat neutral to a minor bullish trend taking place until this morning. Why things have changed right now, is up for debate. No one ever knows why these markets move in the direction they are heading in.
As far as the alternative markets are concerned, things look even worse. To date, there is only one market noting gains this week, which is Tether’s $1 stablecoin. All other markets lost between 11% and 32% in rather quick succession. This is further confirmation as to how much these markets rely on Bitcoin, yet often struggle to stand on their own, even if the world’s leading cryptocurrency hasn’t shown any bearish signs. This week proves to be an interesting example in that regard, for obvious reasons. Read More at NullTX...