Altcoins respond to Bitcoins flash crash; BCH down 15%

17 May, 2019
by Will Heasman
Price Action
Altcoins respond to Bitcoins flash crash; BCH down 15%

Earlier today Bitcoin (BTC) reported a $600+ fall across multiple exchanges, and an even more painful $1k drop on Bitstamp after a 5000 BTC sell-off occurred on the exchange, in comparison alts seemed to hold their own, staying strong despite the awkward correlation to BTC.

However as time has progressed, altcoins appear to be continuing to dip, with many retracing the majority of their recent gains, so what’s next for alts? Is altseason prematurely over thanks to BTC or will we see some upswing soon?

Right now altcoins in the top 10 cite losses ranging from -4% to 15% across the board:

Crypto market overview provided by Tradingview

One user on twitter offered the rather blatant assumption that alts may be on the turn following the dump from BTC:

Another suggested that alt season would truly begin only after a retrace and subsequent consolidation from Bitcoin:

However, one trader saw the positive side, relaying that despite the pull back from BTC, altcoins had held their own fairly well:

Others seemed to agree:

Meanwhile, as Bitcoin continues its descent below $7200, some believe that alts will break the correlation and flourish instead. One of Chepicap’s resident analysts, Lourens Pepler, suggested a continued rise for alts, believing that while Bitcoin heads for lower support, altcoins may see an influx of capital as traders flood out to hedge against Bitcoin’s sinking ship…

What do you think is in store for altcoins? Can altseason continue? Or have we seen the last of the gains for now...?

Let us know your thoughts in the comments!

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Will Bitcoin see a pullback to $6000?

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