Dec 2016. BTC kept pushing at a ceiling around $750. The closer it got and the more likely it seemed soon to break that barrier, the more alt coins tanked. But, when BTC broke free, alt coins went up exponentially gaining from both BTC’s gain in dollars and being priced higher in BTC. BTC then hit another ceiling around $1300. Flirting with this limit, alt coins suffered and lost a good chunk of their gains. But then once again, as BTC broke its ceiling, alt coins took off.
Just noticed this twice in the last 8 months. BTC right now is pressing at 3k, the news has been talking about it for over 2 months…..While BTC pushes at its ceiling, alt coins are taking a significant dive.
I think what happens is that alt coin speculators expecting a BTC jump sell off a few of their alts; pushing alt prices in the alt/BTC pairs down.
Also think people wanting a piece of BTC forks are selling alts for BTC. Total market cap of crypto’s hasn’t changed much, wealth just moved back into Bitcoin.
Will history repeat? Will alt coins skyrocket as soon as BTC has comfortably shot above 3k?