According to an independent market analyst, altcoin holders face the risk of facing twice more losses if the Bitcoin price corrects by another 30%.
Altcoin traders and investors should look for cover if Bitcoin (BTC) undergoes major price declines.
So believes Filbfilb, an independent market analyst and co-founder of Decentrader trading suite. In a tweet published late Friday, the pseudonymous entity said a 30% crash in the Bitcoin market could prompt altcoins to drop twice as harder.
When Bitcoin consolidated between $50,000 and $60,000 in the March-May period, altcoins exploded. Similarly, the recent correction in the Bitcoin market, which witnessed the flagship cryptocurrency falling from circa $65,000 to as low as $28,000, also had altcoins crash.