He further added “Our week of alt euphoria was amazing. Now we wait and see.”
Bitcoin and Ethereum usually stole the limelight following impressive price actions, data from social analytics data provider TheTIE shows smaller-cap Altcoins are also making some serious waves. It noted that tweet volumes for selected Altcoins spiked and many Altcoins realized gains in their BTC, USD, and USDT pairs.
Top trending crypto assets on Twitter (24hrs). Courtesy: TheTIE
After an impressive rally from Bitcoin, the flagship asset may consolidate briefly or even retest lower supports. Historically, in these situations, funds flow into Altcoins and cause them to rally higher. If Bitcoin price does consolidate in the coming days, this trend may play out amongst investors, thus extending the present rally seen among Altcoins.
Before BTC surged past $19,000, a trader with the moniker “Salsa Tekila” stated that when Altcoins cool down, profits would likely cycle back into BTC. He said:
“BTC been stalling for a couple of days, while money pouring in Alts. That’s not bearish for BTC. We’re consolidating for a while below the $19K, realistically I believe we’re likely to break the damn level. When? Probably when altcoins cool down and people sell back into bitcoin.”
BTC/USD Daily Chart
On Bitcoin hitting $20k high, Matt Blom, the head of global sales trading at Equos exchange said this:
“Bitcoin is focusing on claiming a new all-time high and it seems highly unlikely that having come this close, it fails to break the 2017 record. With a dearth of resistance levels overhead, thoughts turn to the next key upside target. Using Fibonacci retracements levels, we see $29,100 as the goal, with a 1.618 move from $4,644 to $19,447 price points as our basis.”
Image Credit: TheTIE, Shutterstock