Bitcoin price today smashed back above $11,000 and is attempting to hold currently. The incredibly bullish price action following a retest of resistance turned support could have given bulls the confidence to push the crypto assets price much higher.
But as bullish momentum builds in Bitcoin, altcoins have turned bearish. According to one crypto analyst, alts are in trouble no matter which direction the first-ever cryptocurrency heads next.
Analyst: Bitcoin Is Bullish But Is Ready To Rekt Alts Whatever Route It Takes
Bitcoin has been the best-performing mainstream asset of 2020, beating out stocks, gold, and just about everything else. However, digging deeper into the crypto space, 2020 has been all about altcoins.
Ethereum has outperformed Bitcoin by an enormous margin, while DeFi tokens, Chainlink, and several small-cap altcoins have easily bested BTCs year-to-date ROI.
Suddenly, however, the tides have turned. After a controversial selloff from a food token founder in the DeFi space, the rose-colored goggles have come off.
Even DeFi darlings Chainlink, Yearn.Finance, and Binance coin have fallen while Bitcoin has recovered from a fall to user $10,000.
BTCUSD Versus "Total 2 CryptoCap" Altcoin Market Cap | Source: TradingView
Examining the differences between Bitcoins weekly price chart, and the total altcoin market cap shows one glaring difference that could be responsible for the top crypto asset being more bullish than alts.
Bitcoin is currently retesting downtrend resistance turned support, while ...