The market is dictated by Bitcoin
Many times we have heard the phrase: “Investing in altcoins is equivalent to buying Bitcoin to cam“. What can I say, it is precisely moments like these that support this thesis.
A Friday that consolidates a week of suffering on the market cryptocon Bitcoin that loses 10 thousand points from the level of $104.000 at the beginning of the week. The price of Bitcoindai November lows ai highs of December 17thit passed and $67,000 at $108,000, with a growth net higher than 60%.
After a similar rally it is also obvious, although talking in retrospect is easy, to expect profit taking by investors, but not only. As in every phase of EUPHORIAthe market fills up with leveraged long positionswhich during growth increase the speed of price growth. However, excess leverage comes as always clean from the market; the result? Bitcoin loses 10% during the week.
Ethereum remains in trouble
Suffering in the food market Altcoin part of Ethereum. The price of ETH it is in fact perpetual suffering towards Bitcoin since December 2021, in a trend that does not seem to want to reverse.
The current week is further confirmation of this, with Ethereum which is located in loss by almost 1,000 points from the levels at the beginning of the week. A -20% on the weekequal to double the percentage movement of Bitcoin, which once again puts the exchange rate in difficulty ETH/BTC, near the period low in area 0.032.
As always also, suffering on Ethereum it is reflected in the entire sector Altcoin.
A Week of Oblivion for Altcoins
While Bitcoin suffers and Ethereum followsfor the Altcoin the situation is slightly different.
In fact, in the last week, almost all of the Altcoin the market saw double-digit percentage losses, losing much of the previous month’s gains.
Among the most capitalized, the most impactful loss is relative to Solana which, with a price close to $180 And returned to the prices of early Novemberafter the victory of Donald Trump.
Next up, coins like AVAX, TON, DOGE, OP, ADA, DOTare all found in the order of -30% on the week.
In conclusion
As the graph shows us Bitcoin Dominancethe market today is focused only on the number one cryptocurrency in the sector. With a value that returns to the area 60%, institutional and government interest arrived in the last year, he created further distance between Bitcoin and Altcoins.
