I’m not selling.
But I’m not buying either.
I’m remaining cautious.
Even though Bitcoin is currently showing strength, Altcoins to Bitcoin price comparisons tell a different story.
DOT to USD is doing great but DOT to BTC is moving down and showing weakness. Until Altcoins like Polkadot, Solana, and Chainlink start showing some strength in price compared to Bitcoin, the overall crypto market remains weak.
Here’s Chainlink to USD vs BTC:
The prices should generally be moving together but since they’re not, it signals that investors are hedging their bets on continued Bitcoin market dominance while Altcoins flail behind. Two things to take away here:
1. Bitcoin market dominance will remain the same if price correlations continue this way. It means investors see Bitcoin as the only alternative to other risk-on assets.
2. Overall crypto market strength remains weak as cash on hand is moving to one asset instead of the entire asset class.