When the price of Bitcoin ($BTC) rose to $91,000, the total market capitalization of the entire crypto market reached $3.363 trillion!!
However, when the price rose to $97,000, the total market capitalization actually decreased by $100 billion, falling to $3.3244 trillion.
What does this reflect?
It indicates that as the price of Bitcoin approached $90,000, a lot of capital quietly withdrew from the market.
Currently, the continuous rise of Bitcoin is actually 'robbing' money from some altcoins.
If Bitcoin continues to rise, many altcoins may continue to fall because capital is flowing into Bitcoin, while altcoins do not have enough funds to support them.
The current bull market pattern is confusing; why is only Bitcoin rising while other coins are hardly moving?
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Those who bought altcoins at a high price are definitely feeling uncomfortable now.
If the funds flowing into Bitcoin have not entered altcoins, then this bull market may have nothing to do with altcoins.
They missed out on a share when prices were rising, but once they fall, it will be difficult to escape.
Therefore, I have previously emphasized that if altcoin prices rise too high, one should reduce their positions in a timely manner, at least set a trailing stop to preserve some profits.
It is worth noting that $100 billion has already been withdrawn from the market. Even if Bitcoin no longer rises now, whether altcoins can reach new highs is still an unknown.
Next is the weekend; whether we can welcome the last wave of excitement for altcoins depends on the market performance over the next two days.
