The ongoing Bitcoin rally brought back investor interest in altcoins in large measure, but once the top-ranked cryptocurrency topped $ 19,000 it was nothing but a slaughter for Ethereum and the rest of the altcoin space.
This is why these assets faced a carnage once Bitcoin hit $ 19,500, and why this could indicate that a short-term spike is near the crypto market.
Ethereum and other top altcoins suffer carnage as BTC approaches ATH
Today could be the day Bitcoin breaks its all-time high, and almost everyone in the crypto rooms knows it.
And that’s the main reason, in a nutshell, altcoins like Ethereum, XRP, and dozens more have suffered a sharp pullback when the most dominant cryptocurrency hit $ 19,500.
Related reading | Bitcoin and Dollar Dominance: Five Factors Behind Current Altcoin Season
With just a few hundred dollars away, depending on the exchange, Bitcoin price is now closer than ever to its previous all-time high, and every attempt by bulls is getting closer and closer.
With a new record so close that crypto bulls are so confident and salive at the milestone that they are tossing their altcoins – now at a profit – back into BTC to get what they believe will be the rise later.
ETHBTC and altcoins slide as Bitcoin nears all-time high against the dollar | Source: BTCUSD on TradingView.com
Bitcoin ended the old season when it topped $ 19,000, peak is possible
The divergence is clear. Bitcoin exceeded $ 17,700, which caused altcoins to skyrocket. However, once $ 19,000 was cleared up, things turned for altcoins, as the ETHBTC trading pair shows. Ethereum has weakened compared to Bitcoin’s sustained uptrend.
The boom in altcoins is one of three factors CNBC’s Brian Kelly points out as a short-term spike.
Related reading | Here’s what happens to altcoins when bitcoin exceeds $ 20,000
However, when bitcoin hits its all-time high, there are usually fireworks in altcoins, so the downsides of alternative crypto assets are likely to be limited as well.
Featured image from Deposit Photos, Charts from TradingView.com