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Altcoin market bleeds as skepticism pervades BTC rally

2021.10.12 Adam James

The price of ETH is leading other altcoins down against the cryptocurrency market leader.

The cryptocurrency market is faltering today — particularly, the altcoin market. Despite the price of BTC remaining relatively flat over the past 24 hours, most major non-stablecoin altcoins are down by more than 5%.

The only major altcoin seeing major gains across global cryptocurrency exchanges is WAVES, which is up 14.4%. BCHA, meanwhile, is up by nearly 9%.

The altcoin market is bleeding heavily while BTC remains stable. Source: COIN360

Bolstering market sentiment somewhat is the news that the United Kingdom’s former Chancellor of the Exchequer, Lord Philip Hammond, has cautioned against the nation’s combative stance toward digital assets. He told The Block:

“The U.K. is stuck talking about it, while others are doing it. This is a huge risk to the future success of the nation’s financial services sector. As Britain grapples with the question of how to maintain its position as a global financial services position, post-Brexit, we must seize the opportunity that the digital revolution presents.”

Top altcoin gainers and losers: WAVES leads majors

  • ALV/USDT +76.49%
  • CVT/USDT +24.97%
  • ETM/USDT +23.62%
  • LMCH/USDT -13.65%
  • CHAT/USDT -13.82%
  • FAIR/USDT -16.79%

The top-performing altcoin on OKEx is, as mentioned earlier, WAVES. The coin is up 11.18%, per the exchange’s default time settings. On the other side of the spectrum, FTM is the worst-performing major altcoin.

BABYDOGE is the top-performing altcoin on OKEx today. Source: OKEx

BTC technical analysis: Refusing to pull back

The price of BTC is still trying to grind higher, with the four-hour ribbon of exponential moving averages driving up from underneath. Still, a lot of indecision exists among traders as retail sentiment moves into extremely greedy territory.

OKEx’s BTC/USDT 4h chart — 10/12. Source: OKEx, TradingView

ETH technical analysis: Belly flopping against BTC

The price of ETH continues to struggle against BTC and continues to push lower. The four-hour EMA ribbon is diving from above and may continue to act as resistance in the immediate term.

OKEx’s ETH/BTC 4h chart — 10/12. Source: OKEx, TradingView

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.



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