Here's why altcoins are dropping as Bitcoin price inches closer to $50,000

Cointelegraph

Published Feb 14, 2021 12:58PM ET

Updated Feb 14, 2021 02:40PM ET

Altcoins plunged steeply on Feb. 14 after the price of Bitcoin (BTC) achieved a new all-time high above $49,000.

The timing of the altcoin market’s drop was noteworthy because it corrected as BTC was rallying, which typically does not happen.

BTC/USD vs. ETH/BTC (orange) 1-hour candle chart. Source: Tradingview
Bitcoin bull flag. Source: Scott Melker, TradingView.com

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