Bitfinex: Altcoins Fell Twice as Hard as Bitcoin, but Rally Still Needs BTC
- —Median altcoin drawdown was 12% versus 5.8% for bitcoin, a 2.1x gap
- —Median altcoin rebound was 1.1%, bitcoin's was 1.2%
- —Bitcoin's share of global open interest is back at its highest since early September
- —A rebound needs ETH/BTC to reclaim 0.0298
Why it matters: Leverage froth in altcoins has cleared, but without a bitcoin-led move their recovery will lag, and further BTC weakness would hit them twice as hard.
Source: TokenPost