Bitcoin
Bitcoin (BTC)
$63,599.00 -1.26902
Bitcoin price
Ethereum
Ethereum (ETH)
$3,408.08 0.03141
Ethereum price
BNB
BNB (BNB)
$568.58 -0.71127
BNB price
Solana
Solana (SOL)
$158.07 0.38886
Solana price
XRP
XRP (XRP)
$0.5498280 -13.00354
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000172 -8.51029
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000115 -2.88131
Pepe price
Bonk
Bonk (BONK)
$0.0000264 -2.4362
Bonk price
Bitcoin
Bitcoin (BTC)
$63,599.00 -1.26902
Bitcoin price
Ethereum
Ethereum (ETH)
$3,408.08 0.03141
Ethereum price
BNB
BNB (BNB)
$568.58 -0.71127
BNB price
Solana
Solana (SOL)
$158.07 0.38886
Solana price
XRP
XRP (XRP)
$0.5498280 -13.00354
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000172 -8.51029
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000115 -2.88131
Pepe price
Bonk
Bonk (BONK)
$0.0000264 -2.4362
Bonk price
Bitcoin
Bitcoin (BTC)
$63,599.00 -1.26902
Bitcoin price
Ethereum
Ethereum (ETH)
$3,408.08 0.03141
Ethereum price
BNB
BNB (BNB)
$568.58 -0.71127
BNB price
Solana
Solana (SOL)
$158.07 0.38886
Solana price
XRP
XRP (XRP)
$0.5498280 -13.00354
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000172 -8.51029
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000115 -2.88131
Pepe price
Bonk
Bonk (BONK)
$0.0000264 -2.4362
Bonk price
Bitcoin
Bitcoin (BTC)
$63,599.00 -1.26902
Bitcoin price
Ethereum
Ethereum (ETH)
$3,408.08 0.03141
Ethereum price
BNB
BNB (BNB)
$568.58 -0.71127
BNB price
Solana
Solana (SOL)
$158.07 0.38886
Solana price
XRP
XRP (XRP)
$0.5498280 -13.00354
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000172 -8.51029
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000115 -2.88131
Pepe price
Bonk
Bonk (BONK)
$0.0000264 -2.4362
Bonk price

Bitcoin goes up, altcoins go down: analyst explains

bitcoin-goes-up-altcoins-go-down-analyst-explains
Edited by
News
Bitcoin goes up, altcoins go down: analyst explains

The price of Bitcoin (BTC) has surged over the past day, increasing its price by nearly 10% to over $19,500. Meanwhile, most major altcoins like Ethereum (ETH) have continued their downward trajectory.

According to crypto analyst Jason Pizzino, this divergence between Bitcoin and altcoins is expected in the current market cycle. In his latest YouTube video, Pizzino explains why Bitcoin’s price increase does not necessarily signal a broad recovery for the crypto market yet.

The analyst notes that while Bitcoin successfully tested a key resistance level around $19,400, it needs to consolidate above that level before confirming an uptrend. When it comes to altcoins, Pizzino points out most major cryptos are hitting new lows against Bitcoin.

Ethereum in particular has broken below key long-term support levels on its Bitcoin pairing, indicating weakness. Pizzino believes the ETH and BTC pairing could bottom out between 4-5% in early 2024, in line with historical market cycles.

Other major altcoins like XRP, Solana (SOL), Polygon (MATIC) and Chainlink (LINK) have also broken down from local highs, underperforming Bitcoin. According to Pizzino, this weakness in altcoins signifies that only the strongest will participate meaningfully in the next bull market. Investors should be selective and wait for clear technical signals before buying altcoin dips.

Pizzino also considered broader macro factors like the S&P 500, the US Dollar index, and volatility indices. He noted that despite recessionary fears, these market indicators have stabilized and started consolidating in a range. This supports the case for a gradual recovery in risk assets like crypto, though likely only in 2024-2025.