binance-banner.jpg

Bitcoin’s Next Move Up Could Create a “Very Painful” Situation for Altcoins: Here’s Why


Bitcoin’s Next Move Up Could Create a “Very Painful” Situation for Altcoins: Here’s Why

Bitcoin saw a notable upswing today that allowed it to firmly surmount the heavy resistance it was previously facing at $9,200. Today’s price action has marked the first sustained period of trading within the $9,000 region that the cryptocurrency has seen since late-February. Today, most major altcoins have not been able to mirror the gains seen by the benchmark cryptocurrency, however, with many posting notable losses against their BTC trading pair. This comes as one analyst notes that the aggregated crypto market – excluding Bitcoin – could soon find itself caught within a “very painful” situation that causes many altcoins to see notable losses.

Altcoins Begin Losing Ground Against Bitcoin

At the time of writing, Bitcoin is trading up just under 5% at its current price of $9,300. This marks a notable upswing from daily lows of $8,700 that were set while the cryptocurrency was caught within a prolonged bout of sideways trading around this price level. Read More...