Coin Edition -
- A crypto trader recently warned traders about bullish-looking altcoin / USD charts.
- The trader stated that other traders are better off allocating their capital to BTC.
- At press time, BTC’s price is up more than 6% to trade at $30,125.45.
Earlier today, the well-known crypto trader Kaleo (@CryptoKaleo) took to Twitter to caution his followers. Kaleo kicked off his Twitter thread by reminding people not to get trapped by bullish-looking altcoin USD charts.
I once again am here to remind you – don't get trapped by bullish looking alt / usd charts.Bitcoin is breaking out, of course all of the USD charts are going to look decently bullish.Look at the alt charts vs. BTC.I don't see any that I like atm.Thus – while you might…— K A L E O (@CryptoKaleo) April 11, 2023
The analyst also stated that altcoin USD charts would look bullish at the moment given the fact that Bitcoin (BTC) was breaking out. In addition, Kaleo shared that traders should look at altcoin BTC charts instead, which he believes are currently showing unfavorable trends.
As a result, KALEO concluded his tweet by stating that traders are better off allocating a majority of their trading capital toward BTC. Shortly after posting the tweet, the trader also commented on his post by stating that the altcoin market will boom in 2024 and 2025, and that traders and investors should just be patient.
At press time, CoinMarketCap indicates that BTC printed a gain of more than 6% over the last day, and is currently changing hands at $30,125.45. The crypto market leader is also up more than 7% over the last seven days.
The global crypto market cap increased by approximately 4.37% to take the combined total market cap of the crypto market to $1.24 trillion. The last 24 hours also saw BTC’s dominance in the market increase by 0.83%. This increase has pushed BTC’s dominance to 47.02%.
BTC was also able to outperform the leading altcoin in terms of market cap, Ethereum (ETH), by 2.98% in the last 24 hours. As a result, BTC is up 2.97% against ETH at press time. Lastly, trading volume for BTC has soared 93.19% over the last 24 hours. This takes BTC’s total daily trading volume to around $23,925,513,096 at press time.
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