BTC & Altcoin Market Update: Bitcoin sets lower high, altcoins rallying

[cryptoadvocate]

Latest in weekly TA series on BTC can be found here:

https://www.cryptoadvocate.net/post/bitcoin-altcoin-market-update-24-05-20

Main takeaways are that while bullish, BTC has failed to set a higher high and is still in weekly downtrend. Meanwhile, Altcoins are making large gains vs. Btc.

[1714844993]

1714844993

[1714844993]

1714844993

[Juggy777]

Latest in weekly TA series on BTC can be found here:

https://www.cryptoadvocate.net/post/bitcoin-altcoin-market-update-24-05-20

Main takeaways are that while bullish, BTC has failed to set a higher high and is still in weekly downtrend. Meanwhile, Altcoins are making large gains vs. Btc.

@cryptoadvocate I’m not a analyst hence I don’t understand charts, but what I understand is sentiments and those sentiments were shaken when someone moved bitcoins from a 2009 wallet, and rumours began to spread that those were Satoshis bitcoins. However it’s not been proved that those were Satoshis coin, and if you recollect before those coins were moved Bitcoin prices were in strong position to cross $10k levels, hence I feel that bitcoin prices will shoot upwards soon but till then every dip is a buying opportunity.

Source:

https://bitcointalk.org/index.php?topic=5249867.msg54467838#msg54467838

[batang_bitcoin]

Meanwhile, Altcoins are making large gains vs. Btc.

I didn't see that. Alts also went down when bitcoin goes down. Everything is in bad shape and the gains were much better with bitcoin before it has corrected.

but what I understand is sentiments and those sentiments were shaken when someone moved bitcoins from a 2009 wallet, and rumours began to spread that those were Satoshis bitcoins.

This brought fear and people started to sell as fast as they can because they thought that bitcoin will drop that much. But as we see, it's recovery a little by little and the fact that it started on $6,900-$7,000 is already a gain to see it playing to $8,600+.

[Fundamentals Of]

Meanwhile, Altcoins are making large gains vs. Btc.

I didn't see that. Alts also went down when bitcoin goes down. Everything is in bad shape and the gains were much better with bitcoin before it has corrected.

It was very quick. Top altcoins did register green earlier but ended up with red after hours. There are still a few altcoins with green instead of red. THETA is even producing almost 30% of growth right now.

Altcoins going down when Bitcoin goes down happens but not always.

[batang_bitcoin]

Meanwhile, Altcoins are making large gains vs. Btc.

I didn't see that. Alts also went down when bitcoin goes down. Everything is in bad shape and the gains were much better with bitcoin before it has corrected.

It was very quick. Top altcoins did register green earlier but ended up with red after hours. There are still a few altcoins with green instead of red. THETA is even producing almost 30% of growth right now.

Altcoins going down when Bitcoin goes down happens but not always.

I guess I was too late to see those gains for altcoins. In that case, we see the directional proportion for altcoin and bitcoin this time. We saw this before and sometimes it's not like that. I'm becoming afraid that we'll see soon bitcoin will have a bit of drop.
I didn't have this feeling before but I'm just nervous with the situation that we have outside bitcoin things.

[RealMalatesta]

This is exactly because the fee increased in bitcoins and nobody could change my mind. Bitcoin became something very expensive and people realized they do not just want to get out, they do not want to stay in USDT as well since usd loses a lot of value right now with over 4 trillions of it printed out of thin air.

So they moved to coins that they could use, they moved to ones that they could profit from but also send and receive without too much payment. I for one moved to wave for example, I still have a ton of bitcoin saved up aside but I use wave for payments since it makes things a lot cheaper, so for my regular business I do not end up paying a lot of fee thanks to that change. All of this high fee thing is basically miners trying to make money like they used to before the halving but it will definitely come to an end.

[Kelvinid]

This is exactly because the fee increased in bitcoins and nobody could change my mind. Bitcoin became something very expensive and people realized they do not just want to get out, they do not want to stay in USDT as well since usd loses a lot of value right now with over 4 trillions of it printed out of thin air.

So they moved to coins that they could use, they moved to ones that they could profit from but also send and receive without too much payment. I for one moved to wave for example, I still have a ton of bitcoin saved up aside but I use wave for payments since it makes things a lot cheaper, so for my regular business I do not end up paying a lot of fee thanks to that change. All of this high fee thing is basically miners trying to make money like they used to before the halving but it will definitely come to an end.

The wisest thing to do is to convert BTC into altcoins just to save the huge fees and that makes the market volume of altcoins are increasing. But this all just a temporary, when the fees set back it eventually getting back to BTC again and once the miners will turn back to their normal operation. In no way also that we can blame miners to demand such an increase for they are also suffering the losses and have to give them an understanding. I can figure out that people are learning already and that they become more concerned about the fees unlike before.

[Baofeng]

Latest in weekly TA series on BTC can be found here:

https://www.cryptoadvocate.net/post/bitcoin-altcoin-market-update-24-05-20

Main takeaways are that while bullish, BTC has failed to set a higher high and is still in weekly downtrend. Meanwhile, Altcoins are making large gains vs. Btc.

I'm not seeing altcoins making large gains vs BTC though, with when its goes, it ALT goes down as well.
So there is still correlation obviously so I don't think that ALT can move big without BTC pulling them up.

Unless those altcoin are being used to be pump and dump, or they are hype around that altcoin, like new releases or listing on top tier exchanges. So I doubt the theory that they are going to make large gains vs BTC in this kind of setup that we have (sideways with some small break out).

[buwaytress]

The wisest thing to do is to convert BTC into altcoins just to save the huge fees and that makes the market volume of altcoins are increasing. But this all just a temporary, when the fees set back it eventually getting back to BTC again and once the miners will turn back to their normal operation. In no way also that we can blame miners to demand such an increase for they are also suffering the losses and have to give them an understanding. I can figure out that people are learning already and that they become more concerned about the fees unlike before.

Not necessarily. Fees on conversions take about 2% off the value if you can do it instantly. And then you got to find a place you can liquidate -- fact is, only bitcoin is easily and quickly sold, without taking a premium off the price.

These periods of high demand don't last long, and with good input management, you can pull through.

I will say though that if you use btc regularly, daily, then yes. It only makes sense to switch to something else or batch payments.

[justdimin]

Interestingly this place called out a bullish outlook on bitcoin earlier than many people and right now bitcoin once again is higher. Its not like suddenly at $15k or anything, do not expect something that out of ordinary, however it is higher, and that is very important. Which I assume since we are at a new week, if we continue like this for a while and increase a bit more, by the end of the week we are going to end with a big bullish outlook that will make it go even higher.

I personally think that $10k could be broken by next week if we continue to go above $9.5k this week (or by until this week ends). But that all depends on how we are going to do with this week, if we can't break above but we don't go down as well, I don't really know what that means at all.

[$crypto$]

I personally think that $10k could be broken by next week if we continue to go above $9.5k this week (or by until this week ends). But that all depends on how we are going to do with this week, if we can't break above but we don't go down as well, I don't really know what that means at all.

It seems bullish is coming again, will bitcoin redeem $ 9500 or indeed this week won't be strong anymore? hmm as said before before bitcoin reaches $ 10k it will be difficult to move I also don't know why the price movements are not so strong this week, is there a whale controlling?

When bitcoin goes up it will fall below $ 9k so it's hard to predict even though it's been analyzed.

[BrewMaster]

i don't see any altcoin rallying to be honest, there are some random pumps here and there which disappointingly fail to gain any meaningful sizes and get crushed under the selling pressure created by the desperate bag holders who have been waiting for an exit.

as for bitcoin it seems like we are in the accumulation phase that always happens right after the halving where the market is trying to come to a balance while cooling down the hyped up pre-having state and at the same time handle the huge 50% reduction in the new supply production.

[The Sceptical Chymist]

Altcoins going down when Bitcoin goes down happens but not always.

I seem to recall it happening quite a few times in the past, though I would agree that bitcoin usually leads the way.

The thing with the altcoin market is that (IMO) it was due for some recovery this year, but the coronavirus outbreak just kind of messed a lot of markets up and that recovery didn't come as quickly as I figured it would.  The real question in my mind is whether this is going to be the start of a long-term trend, or if it's just a small rally that's going to be followed by more losses.  It's not as though the economy has even started to bounce back yet, and I don't think a lot of investors want to be putting their money in super-risky assets like altcoins (or even bitcoin for that matter).

i don't see any altcoin rallying to be honest<snip>

I'll confess that I don't really watch the whole altcoin market, just a few alts that I'm interested in.  The ones I have been watching do seem to be bouncing back from where they were before March of this year.  They're not making incredible gains, but modest ones--and that's fine by me.  I expected the coronavirus epidemic to decimate the altcoin market, but I guess that didn't happen.