Altcoins Show Signs of Life as BTC Price Holds Key Support Above $88K
Bitcoin held above a key level of support on Wednesday as capital began to flow to speculative altcoin plays.
BTC is pretty much where it was this time on Tuesday while several altcoins including outperformed with a 28% move to the upside.
A break of bitcoin’s $88,000 level of support, coupled with a low liquidity trading environment, will likely drag the entire crypto market down including altcoins.
For now, several tokens are staging relief rallies following a devastating week that has seen $400 billion worth of crypto market cap vanish in a wave of selling pressure.
Derivatives positioning
- Open interest (OI) in futures tied to most major tokens, including BTC and ETH, continues to decline in a sign of persistent…
