Bitcoin has taken another hit earlier, but it was not as catastrophic to throw the terms ‘crash’ or ‘market failure.’ There have been some changes in the behavior of the traders since there always are whenever the market takes a dip. In pursuit of these latest price developments with Bitcoin, the pro traders who can hold onto the longest are going for Bitcoin, while the retail traders who kind of go at it daily are preferring altcoins over Bitcoin.
Bitcoin and Altcoins Markets Heavily Divided between Pro and Retail Traders
It is not like retail traders didn’t go with Bitcoin earlier, but given its retraction from the all-time record high price of $64.9k that Bitcoin manages to hit, it has been stumbling across $55k and has not become successful in breaching it just yet. This has put a heavy strain on the sentiment of the retail traders as they can’t bring in any value to their investment if they keep on going with Bitcoin on a day-to-day basis. So, as an alternative, they have chosen altcoins, and given the current surge the altcoin market is witnessing, they are making enough for the day to stay with altcoins for the time being. But the real traders or the pro traders who have been singing praises for Bitcoin all along are still by its side.
Given the current price dip for Bitcoin, the pro traders have not backed out on their play and have been buying Bitcoin non-stop for the past 24 hours. As the buying takes place by the pro traders, the retail traders are taking a raincheck on Bitcoin and having it heavily with altcoins, such as Ethereum, Dogecoin, and even XRP. Given the recent price jump made by Ethereum, which led to an all-time high value and Dogecoin’s consistent increase in price, the market is taking an unexpected turn; Bitcoin was the core of every trader, whether pro or retailer, but it seems like retailers have given up on Bitcoin. Who knows if Bitcoin manages to rise to the occasion, then how many retail traders would it be able to attract back? As of the current moment, nothing of the sort seems to be taking place.
