Significant growth in altcoins is alarming for market participants


Bitcoin loses more than 2% per day and trades about $ 58,000, while the altcoin market is fully pulling the blanket over itself, as opposed to the sliding first cryptocurrency. The total capitalization of the crypto market touched $ 2 trillion, but after that it was still below the threshold value.

The Bitcoin Dominance Index continues to decline to 55%, having lost more than 4 points over the past 7 days. Interest in altcoins is considered a good sign for the crypto market, however, there should be no strong distortions here either.

Bitcoin is still the locomotive and the main cryptocurrency that sets the direction for the entire crypto market, and long-term idleness will sooner or later negatively affect the prospects of the entire crypto market. The greed and fear index for Bitcoin and the largest cryptocurrencies dropped by 3 points over the course of a day to a value of “72”, which corresponds to the “greed” mode.

The RSI for the BTC / USD pair on the daily chart is in the neutral zone aside, noting almost equal potential for both up and down as the next step. The significant growth in altcoins still causes alarm among market participants, recalling the period when such a sharp surge in growth for alternative cryptocurrencies meant that Bitcoin was already too expensive for most, and everyone who wanted to – bought it.

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