Bitcoin is down 5% at the same time as the majority of altcoins are flashing green. Is this the beginning of the correction many have been expecting?
Ethereum, meanwhile, registered a record high at $873 but has fallen back to $820.
If bitcoin continues to slide it will likely feed through to the alts that have all seen considerable gains over the past few days.
Nevertheless, top-tier coins are holding up well, in particular Bitcoin Cash (BCH).
Emil Oldenburg, founder of bitcoin.com, sold out of BTC to go all in on BCH, claiming that bitcoin’s Network was irretrievably broken.
He has a point when you look at the soaring fees and hours-long transaction times and a dysfunctional community of devs and industry players that can’t agree on how to fix it.
Vulnerable coins, if bitcoin continues to slip, probably include the likes of Neo, Stratis and Einsteinium, which all made considerable advances recently and have turned lower today. Neo is off 5% from highs at $80.
Gary has been writing about cryptocurrencies since 2013 and currently works as the cryptocurrency analyst at interactive investor, the UK’s second-largest online investment platform. Gary contributes for Coin Intelligence News in a personal capacity and none of his commentary should be considered investment advice. Gary is the winner of the ADVFN International Financial Awards 2018 Cryptocurrency Writer of the Year. Contact Gary on twitter at: @gary_mcfarlane