With Bitcoin continuing to stabilise and an overnight push through the $5,500 mark we thought it would be interesting to check in on the health of the Altcoin market in general.
As is often the way with Bitcoin breaking higher, Alts have suffered, relative to Bitcoin, with most just retaining their USD value, but losing on their BTC price.
Here we see the average daily return for all BTC crosses on Binance, the blue line showing the average of all of them and the red line showing all of them with the top and bottom performing 5 being dropped at every data point.
So, with Alts having lost just over 25% in relation to Bitcoin since the start of April it seems Bitcoin is still largely in control, let’s hope we get a much needed turn around soon. GL.