Top ranking Altcoins have been
seeing significant losses with the fall of Bitcoin under $9,600. The SFOX reports recently reinstate that the
market cares more about Bitcoin than other kinds of Altcoins. This news is doing the rounds at a point in
time where there is increased regulatory pressure.
The alt season which has been hailed to be the most profitable has been ever elusive for major Altcoins like Ethereum and for minor ones like the TCAT tokens. However, making profits in alt seasons take retail traders who have had sufficient experience in trading volatile assets.
With the coming of Libra, Bitcoin
has come back to the mainstream media. The national discussion following
Trump’s Tweet has affected market dominance and Bitcoin Volatility.
In recent months it has been seen
that leading Altcoins are less correlated to the BTC, slightly the leading
Altcoins are correlated among themselves.
The SFOX report in this regard
states: “These correlation data
reinforce the idea that investors and traders may still be much more attuned
and responsive to Bitcoin rather than other altcoins, especially when the
crypto sector enters the national regulatory spotlight.”
There is a widespread belief
among investors that regulatory attention will mostly be of benefit to Bitcoin
before it can flow down to Altcoins.
Several supermarkets in Venezuela
have chosen DASH, and the token has encountered harsh resistance and recovery
is expected by Monday. Dash has been displaying an increased rate of adoption;
however, this Altcoin has still a long way to go. Even in Columbia, there is an
improved interest in cryptocurrencies from merchants.
Monero (XMR) has been looking to
consolidate while the World Crypto Conference has invited key speakers to the
event. The total market cap for the
token is currently at $1.390 billion, and XMR is priced at $81.23. With several
countries getting accustomed to cryptocurrencies, the adoption of Monero is
improving in regions like Mexico, Brazil, etc.
One of the Tweets about Monero
read thus: “We are now using
subaddresses in #Monero! All-new #xmr
deposit addresses use this feature and no longer require payment IDs. Note: old
deposit addresses are still valid, but they *do* require payment IDs. @monero.”
Previously, ZCash topped as a privacy-based token.
For the short term, it is a bearish outlook for Bitcoin,
and the bullish expectation in the market is at the weakest when compared to
the past five months. So, the Altcoins might as well correlate like before,
despite new ideas about correlation and related changes.