Bitcoin continues to rise, turning $12,000 short positions into a black hole. Many short position holders, who have faced multiple losses, continue to wait stubbornly. As of today, as Bitcoin’s rise continues, altcoin investors eagerly await.
Bitcoin’s market dominance (BTCD) is approaching 54%. Since the crypto winter in December, BTCD has been steadily increasing. Altcoins have not recovered as expected, with most of them trading below 80% of their peaks, and Ethereum trading nearly 50% below its peak.
An analyst reminded that in previous cycles, altcoins performed better than BTC in terms of gains, and missing out on a 9% movement in Bitcoin might be frustrating, but missing out on 900% gains in some altcoins would truly be painful.
Altcoins like ADA, DOGE, SOL, and XRP are still trading at around 81% below their peaks. This indicates that a significant portion of them remain at attractive entry points for new peaks in every bull season. However, the unpredictability of the crypto markets should not be forgotten.
Bitcoin could experience a significant interim peak before reaching an all-time high (ATH) and then see the real bottom level. Of course, predicting the future is impossible, and investors can only blame themselves for their losses, so they should make their own decisions.