The reason your favorite Altcoin is struggling in 2 simple charts
crypto·@jrcornel·
0.000 HBDThe reason your favorite Altcoin is struggling in 2 simple charts
# Altcoins have taken a beating over the past several months. Just about every altcoin has taken it on the chin lately, and it's really not that complicated as to why. It really all boils down to 2 simple charts... The first one: https://i.postimg.cc/BvyZfWvV/tethers-market-cap-surpasses-4-billion.jpg (Source: https://cryptotreat.com/tethers-market-cap-surpasses-4-billion/) This is a chart of Tether. It has increased by over $2 billion since the bottom (in bitcoin) this past April. Some of that has been new money coming into crypto, but a lot of that has been money coming out of altcoins and sitting in tether. # The biggest drag... The second culprit is likely the largest drag on altcoin prices. Check out the chart: https://i.postimg.cc/85PY4sD8/chart.png (Source: https://coinmarketcap.com/currencies/bitcoin/ I am sure you all recognize this chart as it's a chart of bitcoin. It has increased from a market cap around $72 billion in April to $194 billion currently. That is an increase of $122 billion (+ $2 billion more if you count tether), while the altcoin market as only increased a couple billion during that same time period. # Basically, we are seeing all the new money, and some of the old, going into trading bitcoin and tether right now. At some point I would expect that money to flow out of bitcoin and tether back into altcoins, but for the time being, this is why altcoins are suffering. Historically, it has been bitcoin first, then the altcoins. Stay informed my friends. -Doc
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