Why AltCoins are Falling Badly?
Some expected reasons behind the current drop in the Altcoins market are twofold. •Firstly, the impending announcement of a Bitcoin ETF in January has led many traders to anticipate its approval. As Bitcoin tends to dominate the market, a widespread sell-off of Altcoins is occurring, with investors shifting their focus to Bitcoin in anticipation of a potential price surge following the ETF approval. While some believe only Bitcoin will benefit from this, it is argued that the entire crypto market stands to gain. •Secondly, after weeks of consistent gains, Altcoins are experiencing pullbacks, a normal part of market cycles. The recent upward trend lacked significant weekly pullbacks, making the current decline a potential correction. In bullish markets, pullbacks of 30% to 40% are common due to the volatile nature of the crypto market. Monitoring high timeframe charts is crucial during these pullbacks, ensuring a focus on key areas rather than blind buying during periods of weakness. What's your opinion on this?