🔥Tip Based on G-20 positive sentiment seems like most alts reached the rock bottom and might start growing from here following BTC.
What is the correlation between Bitcoin and altcoins price movements?
Usually it goes like this:
1. BTC goes up slowly or sideways => ALT coins grow fast. It happens because hungry traders are not satisfied with a slow BTC growth and start to buy alts.
2. BTC goes to the moon quickly => ALTS go down or sideways. It happens because people quickly sell off the alts in the fear of missing out the bitcoin profit train.
3. BTC goes down => ALTS crash and get into heavy drawdowns. The liquidity of alt coins is always poor so any bad news of the market as a whole hit them first and hit them hard. They recover much faster though as well. Like we just saw RIPPLE collapsed 70% then gain 63% back next day!
This time they can't be applied to the market of crypto. The manipulators were changing anything.
This is the case that has already happened.
When bitcoin gets a little decrease and then altcoin gets a lot of decrease on its value. the market's direction is can't be analyzed. This time without any bad news and the market still in the bearish way.