Bitcoin Rising, Altcoins Falling; Analyst Vijay Boyapati Explains What This Means
Best-selling author Vijay Boyapati indicates two similarities between crypto market moves in Q4, 2017, and Q4, 2021.
"This was Q4 2017"
According to Mr. Boyapati, crypto markets are dominated by two trends. Flagship cryptocurrency Bitcoin is surging against the U.S. Dollar.
Alt-coins falling against #Bitcoin, Bitcoin rising against USD.
— Vijay Boyapati (@real_vijay) October 11, 2021
This was Q4 2017, just as the #bitcoin price went parabolic.
At the same time, altcoins are falling in BTC-denominated pairs as their capitalization rises slower than that of the crypto king.
For the analyst, this situation looks similar to that of insane Q4 of 2017. The Bitcoin (BTC) price went parabolic four years ago and registered a multi-month high close to $20,000.
In Q4, 2021, the Bitcoin (BTC) price logged a breathtaking 215% upsurge, which is the largest quarterly upsurge since Q1, 2013.
Bitcoin dominance close to eight-week high
As altcoins are lagging behind Bitcoin (BTC), the domination of the flagship crypto spikes to August highs. Today, it smashed the 45% level, as per Tradingview charts.
As Bitcoin (BTC) reclaims the $57,000 level, markets are captured by over-bullish sentiment.
The Crypto Fear and Greed Index surpasses 75/100; the last time it was that high was when BTC was over $60,000 in April 2021.
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