Bitcoin has since fallen by more than $ 11,000 its recent FOMO-powered peak. Normally, the bearish momentum in the top cryptocurrency is enough to drag the rest of the market down, but select altcoins are holding up surprisingly well.
a altcoin expert who has worked his way through several bear and bull cycles, suggests looking for and buying alts that hold up particularly well against BTC during current withdrawal. Here are a few cryptocurrencies that fit the bill in more detail.
Bitcoin is bleeding, but buyers are focused on collecting select Altcoins
Bitcoin and altcoins have one on-again, off-again relationship, which is no surprise for the two types of volatile digital assets.
Bitcoin usually needs to be bullish or consolidating for altcoins to perform well. When sentiment hits the market leader, alts get a much worse beating.
Related reading | Techniques point to extensive Ethereum dominance over Bitcoin
This time, some alts are more resistant to the abuse of the market than others, and says an expert that these are the crypto assets that you can buy with the greatest profits in the coming months.
That expert is Nik Patel, author of A Handbook from Altcoin Trader.
Buy altcoins that have held up well against BTC, claims expert | Source: BTCUSD on TradingView.com
Why Investors Currently Bragging About BTC Alts
Patel knows the cycles of Bitcoin and altcoin, and has made more than one fortune from the repeating, cyclical patterns of cryptocurrencies. The author has also explained the boom and bust cycles of each season in the past, with certain cryptocurrencies far outperforming BTC.
Altcoins such as Ethereum, Chainlink and Uniswap have beaten Bitcoin at its own game recently, and according to Patel, these could be coins worth paying close attention to.
These alternative digital currencies show strength when sentiment changes on the leading market-cap cryptocurrency, says buyers are currently buying the blood, but are avoiding Bitcoin for now.
Why altcoins could do better than Bitcoin, it all comes down to unrealized gains. After the epic Bitcoin rally, investors still have plenty of profit to make before it is too late. This results in the sale is getting worse.
Related reading | Right Altcoin Season While Bitcoin Drops has traders “cautious”
The featured altcoins have all hit new all-time highs, but have a lot more to go than the prices double as they have in Bitcoin. On the other hand, there are some alts that are nowhere close to profit, and given the lack of interest, probably not for the foreseeable future.
Featured image from Deposit Photos, Charts from TradingView.com