It has twice been true this year – although certainly not the rule – that Bitcoin (BTC) prices hit the skids when altcoins pick up steam. Case in point: Altcoins had in mid-May pulled ahead of Bitcoin’s market cap by an even wider margin than they were on Tuesday. Back then, the top 20 alts had Bitcoin beat 53% to 47%. That was just before Bitcoin’s own market cap dipped for the next two months.
The Bitcoin market cap had been on the rebound since late July, but nowhere near as strong a rebound as altcoins. Ahead of its drop today, Bitcoin dominance had slipped to 40%, compared to the rest of the global market and 48.6% compared to the other top 20 altcoins.
It has twice been true this year – although certainly not the rule – that Bitcoin (BTC) prices hit the skids when altcoins pick up steam. Case in point: Altcoins had in mid-May pulled ahead of Bitcoin’s market cap by an even wider margin than they were on Tuesday. Back then, the top 20 alts had Bitcoin beat 53% to 47%. That was just before Bitcoin’s own market cap dipped for the next two months.
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