Watching the markets closely and I find it interesting that while BTC has been trending up slightly over the past week, the majority of other alts are down or just wavering...could this be why BTC is trending up? Everyone is focusing on that? I thought it was interesting as normally we see everything move in tandem together but this time I'm not sure whether to invest in any alts given they seem to be going their own way...
People have already mentioned that bitcoin price increase usually means alts going down because of the valuation against each other.
But lets also not forget that when the bull market came, when bitcoin was 20 thousand dollars, there was all kinds of altcoins that went up in price. That means when bitcoin reached 20k, if that coin stayed at zero, not go down or not go up that means that coin made money on dollar value because its valued against bitcoin and bitcoin went in price. When it makes gains against btc, its double profit, both on price of btc and dollar value and both against btc increasing value.
Hence, it is not insane to assume when bitcoin go up, some alts may go up as well. This time it is not just "alts losing value against bitcoin" it is also "people are withdrawing from the market" as well. Which is worse if you ask me.