Altcoins continue to suffer as BTC drops to $12,500, dominance increasing

27 Jun, 2019
Analysis
Altcoins continue to suffer as BTC drops to $12,500, dominance increasing

Bitcoin saw a slump from $13,000 down to $12,500 within one hour as altcoins continue to decline in price

Bitcoin continued to correct following its recent 2019 high of $13,970 while there appears to be no respite for altcoins with the majority continuing to decline in price. 

Bitcoin managed to hit a new yearly high of $13,970 on Binance yesterday, before slightly correcting. Currently sitting at $12,500. While the decline in price would have sparked a potential surge in altcoin pricing as traders begin selling-off Bitcoin to move into alts, that does not appear to be the case.

BTC/USDT Chart provided by Tradingview

Altcoins continued to slide as Bitcoin dropped 2% on the day, major caps such as EOS, Litecoin and Bitcoin SV saw the biggest declines in price. 

While it appears traders are not moving back into alts just yet, it appears Bitcoin's dominance has climbed to 63% and continues to reach 2019 highs in terms of dominance over the market.

Bitcoin continues to look weak following the recent parabolic move, and traders could be looking to move to lower cap coins before altcoins see any major recovery. Everyone will be keeping tabs on what Bitcoin does over the next 24 hours in terms of dominance and how altcoins are being affected, but we are likely to see traders begin moving funds back into altcoins this week if Bitcoin does not see another bullish surge in price. 

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Read more about: Bitcoin (BTC)

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