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    Home News Ethereum News

    Why Ethereum and Altcoins Faced Carnage As Bitcoin Hit $19,500

    Andy K by Andy K
    November 25, 2020
    in Ethereum News
    Reading Time: 4min read
    3k 30
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    Why Ethereum and Altcoins Faced Carnage As Bitcoin Hit $19,500
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    The ongoing Bitcoin rally brought investor interest back to altcoins in a big way, but as soon as the top-ranked cryptocurrency made it above $19,000, it has been nothing but carnage for Ethereum and the rest of the <span class="wpg-tooltip-term-title">Altcoin</span></h3><div class="wpg-tooltip-content">Altcoin is defined as any cryptocurrency except for Bitcoin. “Altcoin” is a combination of two words: “alternative Bitcoin” or “alternative coin”. There are over 1,500 altcoins with many more planned for release.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/altcoin/">» Read more</a><p></div>”>altcoin space.

    Here’s why these assets faced carnage as soon as Bitcoin hit $19,500, and why it might signal a short-term top is near the crypto market.

    Ethereum And Other Top Altcoins Suffer Carnage As BTC Nears ATH

    Today could be the day when Bitcoin breaks its all-time high, and just about anyone in the crypto spaces knows it.


    Reloads and free spins available every day, for every player, in mBitcasino Crypto Autumn Bonanza! Play Now!

    And that’s the primary reason in a nutshell that altcoins like Ethereum, XRP, and dozens more suffered a strong pullback once the most dominant cryptocurrency touched $19,500.

    Related Reading | Bitcoin And Dollar Dominance: Five Factors Behind The Current Altcoin Season

    At just a couple hundred dollars away depending on the exchange, Bitcoin price is now the closest its ever been to its former all-time high, and each attempt from bulls gets closer and closer.

    With a new record so close crypto bulls are so confident and salivating at the milestone, that they’re dumping their altcoins – now in profit – back into BTC for what they believe to be the eventual push higher.

    bitcoin ethereum crypto ethbtc btc btcusd eth ethusd

    bitcoin ethereum crypto ethbtc btc btcusd eth ethusd

    ETHBTC and altcoins slide as Bitcoin nears all-time high against the dollar | Source: BTCUSD on TradingView.com

    Bitcoin Ended Alt Season As It Passed $19,000, Peak Is Possible

    The divergence is clear. Bitcoin passed $17,700, causing altcoins to soar. But as soon as $19,000 was cleared, things have turned for altcoins as evident by the ETHBTC trading pair. Ethereum has tanked compared to Bitcoin’s ongoing bullishness.

    Related articles

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    Ethereum Plunges Under $600 as Altcoins Crash

    December 24, 2020
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    TA: Ethereum Stable Above $600, Why ETH Could Struggle Near $635

    TA: Ethereum Stable Above $600, Why ETH Could Struggle Near $635

    December 23, 2020
    33.8k

    The boom in altcoins is one of three factors CNBC’s Brian Kelly points to as a near-term top.

    Related Reading | Here’s What Will Happen To Altcoins Once Bitcoin Breaks $20,000

    But when Bitcoin does take out its all-time high, fireworks in altcoins typically happen, so downside in the alternative crypto assets is likely limited as well.

    Featured image from Deposit Photos, Charts from TradingView.com
    Tags: altcoinsbitcoinbtcbtcusdBTCUSDTcryptoethbtcethereumethusdETHUSDT

    Read More From Original Source

    Tags: AltcoinsbitcoinBTCBTCUSDbtcusdtCryptoethbtcethusdethusdt
    Share1622Tweet1014
    Andy K

    Andy K

    Andy is a former Forex Trader who got involved in the crypto industry early January 2013. Since then Andy has been writing about cryptocurrencies and blockchain technology within various online crypto news publications. He is also one of the main contributors to Cryptotelegraph.com

    Fun Fact : Andy's nickname in the office is 'Crypto Head' due to a small 'bitcoin' tattoo behind his left ear (now that's dedication to the industry)

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    Ethereum Plunges Under $600 as Altcoins Crash

    by Andy K
    December 24, 2020
    0
    33.8k

    Ethereum has plunged lower over the past day as a result of strong selling pressure in the <span class="wpg-tooltip-term-title">Altcoin</span></h3><div class="wpg-tooltip-content">Altcoin...

    TA: Ethereum Stable Above $600, Why ETH Could Struggle Near $635

    TA: Ethereum Stable Above $600, Why ETH Could Struggle Near $635

    by Andy K
    December 23, 2020
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    Ethereum started a sharp decline from well above $650 against the US Dollar. ETH price settled below the key $635...

    TA: Ethereum Bears Keeps Fighting, Why ETH Could Slide Again

    TA: Ethereum Bears Keeps Fighting, Why ETH Could Slide Again

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    Ethereum started a decent upward move above $620 and $630 against the US Dollar. ETH price failed to clear $640...

    Things are “Getting Serious” for Ethereum as Analysts Eye Continuation

    Things are “Getting Serious” for Ethereum as Analysts Eye Continuation

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    Ethereum Just Saw Key Technical Correction, Why ETH Could Rally To $700

    Ethereum Just Saw Key Technical Correction, Why ETH Could Rally To $700

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    Ethereum rallied above $650 and $660 before correcting lower against the US Dollar. ETH price is likely to remain supported...

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