Bias: bearish / Near-Term Supports (on ALT Index): 30 -> 25
In my previous post I was asked to share my thoughts about altcoins so I decided to take a look at them. I made a simple index that averages the altcoin/USD pairs trading on Coinbase so that I could get a general idea of how alts are performing, and they seem to be underperforming compared to Bitcoin by quite a lot. They’ve given up almost all their gains since May! Ouch! I think a healthy bull market would not only have Bitcoin performing well, but alts as well. Alts seem to be deteriorating a bit.
In my previous post I was asked to share my thoughts about altcoins so I decided to take a look at them. I made a simple index that averages the altcoin/USD pairs trading on Coinbase so that I could get a general idea of how alts are performing, and they seem to be underperforming compared to Bitcoin by quite a lot. They’ve given up almost all their gains since May! Ouch! I think a healthy bull market would not only have Bitcoin performing well, but alts as well. Alts seem to be deteriorating a bit.
