The coming altcoin news show that altcoins have never been more correlated to the price of Bitcoin (BTC). After the most dominant cryptocurrency lost 5% in a couple of hours, they started losing more of their value and we can see that altcoins plummet as we speak.
In only a few minutes, the Bitcoin price shed $400 to $500 and the market lost more than $20 billion, resulting in BTC losing its key support at $10,000, $9,800 as well as $9,600. At the time of writing, BTC is trading at just a hair under $9,500 and has lost more than 5% in the past 24 hours.
On the other hand, altcoins plummet – and have been destroyed by the flash crash. Right now, we can see nothing but losers in the top 10, led by Litecoin (LTC) which lost almost 10% of its price and is now at $65. Ether (ETH) is in a similar motion losing almost 9% and trading at $170 now, while Ripple (XRP) lost 5% like Bitcoin and is at $0.25.
The altcoins plummet and the biggest loser in the top 10 is Binance Coin (BNB) which dropped to $22 after a 12% bloodbath. EOS, Bitcoin SV (BSV) and Stellar (XLM) have all dropped too, by 8%, 7% and 9% accordingly. In the top 20, there are even bigger losers as the recent altcoin news show.
Monero, Cardano, UNUS SED LEO, Tron, DASH, Ethereum Classic and others have recorded drops of more than 11% and lost a lot of their value. As altcoins plummet triggered by Bitcoin (BTC), we can certainly say that this is the biggest drop this month and one that is truly going to make a difference in the markets.
According to the analyst Crypto Michael, altcoins are bottoming at long last. He tweeted, saying the following:
“At this point, everybody is turning into a Bitcoin maximalist, while alts are showing signs of bottoming. If we repeat [what happened in] 2015/2016, altcoins started to outperform BTC after it found its first local bottom of the bull market.”
As we previously reported in the latest cryptocurrency news, there are a lot of analysts who believe that the altcoin capitalization to Bitcoin capitalization ratio and the volume-to-volume similarly are “heading into a region of support.”
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