Bitcoin price triggered a quick 2.05% downtick on Friday.
Despite being a small downturn, altcoins took a massive hit and are down by double digits.
BTC’s uncertainty has created a dilemma on whether they should buy the dip or sell.
The cryptocurrency market has been extremely sensitive to Bitcoin (BTC) price moves lately. The recent crash caused altcoins to register double-digit losses. While some argue this could be a good opportunity to buy the dip, others warn of an impending sell-off.
Bitcoin price moves have been key in controlling the crypto market sentiment. But lately, the altcoin sector has become extremely sensitive to pioneer crypto. On Friday, BTC shed 2.05%, which caused major altcoins to slide 20%.
Due to this highly sensitive connection between BTC and altcoins, the Open Interest (OI) dropped from $50.93 billion on Thursday to $46.85 billion on Sunday. This drop indicates that $4.21 billion in OI was wiped due to the move on Friday.
As a result of Friday's market crash, $300 million worth of positions were wiped out. Of this, $254 million belong to the bulls.