- Bitcoin breaks over the major $9,200 mark
- The sharp increase in Bitcoin’s price did not reflect on altcoins
- Bitcoin’s next rally could leave altcoins in pain
Bitcoin News Today – Bitcoin recently amassed some notable gains that helped to push its price over the major $9,200 hurdle point. The digital currency has been rejected at that level several times over the past few days. The recent price action marked the first time the digital currency is holding gains for a long period over the $9k mark since late-February.
Over the past day, the majority of altcoins have not been able to reflect the gains Bitcoin recorded. Many of them are even posting considerable losses against their BTC trading pair. A crypto analyst recently pointed out that the aggregated digital currency market, Bitcoin not included, could soon find itself in an awkward situation that would cause heavy losses.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin (BTC) Leaves Altcoins Behind
At press time, the world’s largest digital currency by market cap is changing hands at 9,290 after an increase of about 4 percent over the past day. This marks a considerable increase from the recent lows of $8,700 that were set while Bitcoin was caught in a prolonged bout of downtrends. The $9,200 mark has been set up as a major level for the digital currency as it was rejected at that level four times all through the past week.
The overnight rally over that level has proven to be remarkable and it may help push the price of the digital currency significantly higher in the coming days and weeks. One fascinating trend observed during the recent rally is that the major of altcoins plunged against Bitcoin (BTC). Out of the top twenty-five digital currencies by market cap, almost all of them are in the red against their BTC trading pair.
This indicates that the recent BTC uptrend may have been ignited from investors moving their funds from altcoins to Bitcoin. However, this is not the first time such an event is unfolding, as top altcoins such as Ethereum have been losing ground all through the past week. The ETH/BTC trading pair has plunged from the highs of $0.026 to the low of about 0.020 over the past ten days.
Bitcoin’s Next Rally Could be Harmful to Altcoins
A crypto analyst recently mused a fascinating possibility in a tweet. The analyst said that he believes altcoins may be positioned poorly in the short-term irrespective of which direction Bitcoin moves. However, he noted that they could see some pitiable price action if BTC continues to surge higher in the near term.
“Big jump today. A potentially very painful situation developing if it breaks out towards the next resistance. Each 1% rise in BTC roughly equates to a 6-12% drop against the BTC pairings for alts.”