BTC & Crypto Market Update: BTC Clears $10k, Alts Gaining as bull run ensues

[cryptoadvocate]

Bitcoin clearing $9,500 is a significant hurdle and marks a higher high on the weekly chart and in all likelihood, an end to the prior bear market. Alts are making big gains as well despite rises in BTC which suggest the market as a whole is ready to make moves.

Full market thoughts including charts for BTC, LTC, ETH, BNB, BAT, ZIL, ALGO can be found here:

https://www.cryptoadvocate.net/post/crypto-market-weekly-update-09-02-2020

[pooya87]

Alts are making big gains as well despite rises in BTC which suggest the market as a whole is ready to make moves.

if you actually check the charts you can see that altcoins are actually getting dumped these days but when you look at their USD value it seems like they are rising.
what happens is that when bitcoin price rises, everyone pulls out of the altcoins so they get dumped against bitcoin but for example if bitcoin goes up 10% they get dumped 9% and that 1% difference looks like USD value rise and you think they are "gaining" whereas in reality they have been dumping.
of course there are some altcoins that got dumped more and went down against both bitcoin and USD.

[exstasie]

if you actually check the charts you can see that altcoins are actually getting dumped these days but when you look at their USD value it seems like they are rising.
what happens is that when bitcoin price rises, everyone pulls out of the altcoins so they get dumped against bitcoin but for example if bitcoin goes up 10% they get dumped 9% and that 1% difference looks like USD value rise and you think they are "gaining" whereas in reality they have been dumping.

Let's check the charts.

ETHUSD is up 78% this year. BTCUSD is up 42%. As one would expect, ETH is rising against BTC:



We can see the same thing on DASHBTC and many other altcoins. They have been rising against both BTC and USD. In other words, they are outperforming BTC, at least so far in 2020.

[Gozie51]

We can see the same thing on DASHBTC and many other altcoins. They have been rising against both BTC and USD. In other words, they are outperforming BTC, at least so far in 2020.

Your second chat looks like a preparation market or ranging, never sure of direction to go. It is more like an indecisive direction. I don't know for sure if it is reflecting the little drop in btc price we are seeing around $9,600 at the moment.

[exstasie]

if you actually check the charts you can see that altcoins are actually getting dumped these days but when you look at their USD value it seems like they are rising.

We can see the same thing on DASHBTC and many other altcoins. They have been rising against both BTC and USD. In other words, they are outperforming BTC, at least so far in 2020.

Your second chat looks like a preparation market or ranging, never sure of direction to go. It is more like an indecisive direction.

It's a bull flag until proven otherwise. DASH tripled in value vs. BTC and is now consolidating near the highs. It's difficult to describe that as bearish. It's even more difficult to describe it as "getting dumped."

[andamarina]

I hope also some low valued alts to grow, do you think they will start grow or is not possible?

[cryptoadvocate]

Almost every alt has gained substantially against btc, which had gained substantially against the dollar.

[2double0]

I hope also some low valued alts to grow, do you think they will start grow or is not possible?

Why not? Some of those people who were saying that only few of the alts will rise, please come back here and explain why each altcoin is having a rally of at least 10 - 15% ? Isn't it because the bull run has begun once again? This alt season will be quite interesting to watch and invest into, because while some alts are doing good, a few other coins are performing great against BTC.

[criza]

Even though the halving event is still a couple months away, there is indeed already a massive increase in the price of Bitcoin and have made its highest record this year in the $11,500 value. But, as the month of February continues we could observe the decline in the price of Bitcoin that made my confidence to reach $20,000 next month of March less. Still, as the halving event is coming there is a high chance that it would make a comeback and would set a new record for this year's value.