Since Bitcoin is the first and largest cryptocurrency with the most recognition, it has been the measurement of cryptocurrency success. When Bitcoin rallied that generally meant that the cryptocurrency market was good, and when Bitcoin feel it meant the sector was in a correction. Recently however, Bitcoin has diverged from the broader market. Over the last few days Bitcoin has rallied significantly from the low 3000's to over 4100! During the same time, the broader cryptocurrency market has been very mixed. There have been massive gainers such as NEO and IOTA which have both increased by 100's of percents, but there have also been coins that have done nothing like dash, ethereum classic, and steem. This huge difference in the performance of various coins is starkly different from past rallies in bitcoin. During the run up in May and June almost all alt coins performed incredibly well. This is a curious divergence of past correlations and should be watched closely to see if it will come back to the norm, or if performance will continue to be very different for every coin. Below is information from coinmarketcap.com to illustrate the extreme differences between the price movements of the top ten crptocurrencies.
If you have any ideas as to what you think will happen in the market going forward be sure to let me know in the comments below!
Thanks for reading! :)