Vampire market! Bitcoin hits a new high, while altcoins plummet?
Recently,
The entire crypto market has seen an elusive phenomenon - Bitcoin hits a new high, while altcoins plummet one by one. This wave of market looks like Bitcoin is sucking blood, with one side soaring, while a number of altcoins seem to have been "drained of blood" and completely overturned.
Bitcoin soars, altcoins hurt
We have seen that Bitcoin has recently ushered in a strong wave of increases, breaking through multiple key psychological price levels and once breaking through a record high. On the contrary, many altcoins have fallen into a "death valley", with prices falling sharply, and some even falling dramatically, which is jaw-dropping.
This phenomenon is not accidental, and there are some deep changes in the market behind it. The strong rise of Bitcoin did not lead to the recovery of all tokens, but instead widened the gap with altcoins to a certain extent.
The truth behind the "vampire" market
Why does this "vampire" market appear? Here are a few key reasons:
Funds are pouring into Bitcoin, and altcoins are being left out
When the price of Bitcoin soars, a large amount of funds will be concentrated into Bitcoin, making it the dominant force in the market. Many investors choose to lock up Bitcoin and ignore the investment opportunities of altcoins. And with the influx of funds, the rise of Bitcoin has become even stronger, further compressing the living space of altcoins.
The market's risk aversion to altcoins has increased
Bitcoin's strong performance usually makes the market pay more attention to its performance and ignore the potential of altcoins. At the same time, many investors have become more vigilant about the risks of altcoins, especially when the market is volatile, they prefer to concentrate their funds on "safe" Bitcoin.
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