Experts often say that altcoins rally with Bitcoin, and even fall with it. On January 21, Longhash revealed that in the past seven days, 92% of crypto tokens “outperformed Bitcoin”.
Bitcoin rallied around the new ATHs and stayed above the $ 30,000 range, which still represented less volatility compared to previous rallies. However, with prices rising and traders picking up FUD, the asset appears to be facing a period of stagnation, at least for now. Over the past week, the price of the asset has fallen 12% against the dollar.
Price data from S, Longhash tracked 69 crypto tokens – each of which reported a daily trading volume of around $ 100 million. Of these, 66% of token prices rose last week, and more than half of the 46 tokens won against the dollar rose more than 10%.
Evolution of the token price
Just 33% of token prices have fallen against the dollar. Specifically, the prices of five tokens, including Wrapped BTC, Dash, Bitcoin SC, Zcash, and Maker, have come down much more.
Source: Longhash / Messari
Data from Longhash indicates that Bitcoin “had one of the most dramatic declines,” among tokens that fell during the week. However, experts predict that the current decline in BTC prices is a temporary setback before the asset picks up in larger numbers.
Days after the ECB president called for regulation of Bitcoin due to its association with illegitimate activities, the asset gained further criticism, which could have fueled FUD. Recently, President Biden’s choice for Treasury Secretary Janet Yellen said cryptocurrencies “are of particular concern”.
Albian that altcoins seem to perform better than Bitcoin, at the moment no crypto would be able to replace Bitcoin, given its large market cap. For example, Ethereum was up 22% from Bitcoin last week, but as Longhash noted, “Ether’s market cap could quadruple and it would still be behind Bitcoin.”
In the past 24 hours, around $ 1 billion worth of crypto has been liquidated and Bitcoin has declined by around 7%. The asset was trading at $ 32,043.96 at time of release.
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