According to an analyst, LTC and ETH forecast one major Crash against Bitcoin as the market is moving in a confusing manner still. The investors now have to pay close attention to BTC market cycles but also the relationship between BTC and altcoins like LTC and ETH so let’s read more in today’s litecoin news.
As two of the top altcoins that have the most longevity in the market, LTC and ETH can be reliably used as a barometer of the health of the altcoin space, and as a whole, they will be exhibiting more strength of weakness against BTC. One crypto analyst that was looking back at the previous Bitcoin market cycles, expects there to be one last drop in altcoins before they start to rally as hard as BTC did.
Over the past few weeks, Bitcoin grew from a bullish retest at $10,000 to over $16,000 and is still climbing. The massive buying signal caused a wave of retail and institutional FOMO. Several strong corrections took place but the dip buyers present at each collapse have propelled the crypto market higher. The Fresh fiat is coming in which caused the market cap to balloon. At the same time, the crypto capital is coming out of altcoins and flows into BTC according to the dominance metrics. Bitcoin’s dominance recently reached high as 66% but fell about 35% shortly after reaching the current all-time high of $20,000.
The expectation of the recurring is what keeps crypto investors focused on other altcoins hoping to get in ahead of the next alt-season. According to one crypto analyst, altcoins have one last massive cash in them left in Bitcoin’s hands before the official altcoin season starts. One trader even shared a chart showing Bitcoin next to LTCBTC and ETHBTC. The altcoin trading pairs against BTC next to the normal BTC/USD price chart offers more insight into if altcoin is a buy or have more downsides before reaching the maximum financial return point.
The two top altcoins are often used to gauge the health of the alt space as a whole and their weakness against BTC which could be telling. As it was the case with BTC itself, when things get bleak, it’s the perfect time to buy. Altcoin sentiment will sink further against BTC, prompting more selling. When the supply runs dry, and things turn around, those who sold could regret when the alt season is finally here.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]