Bitcoin settles below $40K, Dash skyrockets and Bitcoin Cash breaks out
After consecutive days of Bitcoin surge, finally Bitcoin calms down while some high-cap altcoins shoot up.
After weeks of breaking records followed by 3 days of fluctuations, the most well-known cryptocurrency and largest by market capitalization fell below $40K on January 10, 2021. Meanwhile, some altcoins such as Dash and Bitcoin Cash soared.
There are multiple causes attributed to BTC’s fall and one of which might be a slight increase in miner’s selling their BTC as MPI (Miner's Position Index) has reached levels where miners are selling. And in this regard, Ki Young Ju believes that MPI seems to be enough to create a local top just before the price falls below $40K.
TC/USD vs. MPI. Source: Twitter/@ki_young_ju Source; Cointelegraph
In addition, the Crypto Fear and Greed index have stayed at high levels (above 90 or "extreme greed" for 2 months) which warns of an incoming pullback.
Crypto Fear & Greed index. Source: Digital Assets Data Source; Cointelegraph
Good days for altcoins!?
Following the Ethereum breakout, it seems that the upward and bullish trend has migrated from BTC to altcoins, Bitcoin Cash and Dash also rose dramatically by 50% and 40%, respectively. This move has also led multiple analysts to believe that the “altseason” is commencing.
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