An increasing Bitcoin price is often pretty bad news for altcoins. Even the top alternative currencies are struggling right now while Bitcoin keeps marching on. The Ethereum price, which was above $300 not too long ago, is now starting to slip pretty badly. With losses in both USD and BTC value, things aren’t looking all that great. Regaining the $300 support will be incredibly challenging.
No one is surprised to see most alternative cryptocurrencies lose value against Bitcoin right now. After all, that is the normal outcome whenever the Bitcoin price is surging. Especially with Bitcoin’s new all-time high in place as we speak, the Ethereum price is taking a bit of a beating as we speak. Although the value still hovers near $296 for the time being, it remains to be seen if this price point can be maintained for much longer. Altcoins are literally bleeding value left, right, and center right now.
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