Altcoins stage a relief rally while Bitcoin traders decide whether to buy the dip By Cointelegraph


Altcoins stage a relief rally while Bitcoin traders decide whether to buy the dip

The similarity in price action between the crypto and traditional financial markets remains quite strong on May 10 as traders enjoyed a relief bounce across asset classes following the May 9 rout, which saw (BTC) briefly dip to $29,730.

Market downturns typically translate to heavier losses in altcoins due to a variety of factors, including thinly traded assets and low liquidity, but this also translates into larger bounces once a recovery ensues.

Daily cryptocurrency market performance. Source: Coin360
1-week chart vs. SPX 1-week chart. Source: Twitter (NYSE:)
SPX/USD 1-day chart. Source: Twitter