Analysis of the reasons for the sharp drop in Bitcoin and the rebound of altcoins
Background of the sharp drop in Bitcoin
Decline: Yesterday, Bitcoin fell 8.1%, falling to a minimum of $58,200, the largest drop since April 13.
Market reaction: Against the backdrop of the sharp drop in Bitcoin, altcoins rebounded sharply.
Main reason for the rebound of altcoins
Bitcoin is not at a high level, and altcoins have room to play:
Bitcoin fell below 60,000, and it was under selling pressure, and market funds began to flow into altcoins;
Before, Bitcoin had been hovering around 70,000, and big funds were worried that Bitcoin would drag down altcoins, so they did not dare to enter rashly.
Fund diversion effect
Impact of the Mentougou incident:
Compensation will be paid in succession in early July, and it is expected that there will be a wave of selling after the compensation. The number of Bitcoins involved in the Mentougou incident is about 140,000.
Summary
This time, Bitcoin fell while altcoins rose. Perhaps the market of altcoins is no longer driven by the market of Bitcoin. This is also the biggest feature of this bull market. It is no longer a general rise or fall, but a rotation of sectors!
The market of copycats has arrived! However, this market will be more complicated than before, and the rotation of sectors has made the operation more difficult this time;
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