Data shows traders rushed to buy altcoins during Bitcoin’s dip to $50K

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Data shows traders rushed to buy altcoins during Bitcoin’s dip to $50K

Bitcoin’s (BTC) recent downturn temporarily pulled its dominance rate down to 49.5% which is the lowest level since August 2018. This has led a growing number of traders to predict that altcoins will outperform in the short term.

Over the past few months, the price action from altcoins seems to be disengaging from Bitcoin. Take for example, Ether (ETH), which hit a new all-time high today even as Bitcoin price is down 20% from its all-time high.

Crypto market data daily view. Source: Coin360
LINK/USDT daily chart. Source: TradingView
BAND/USDT daily chart. Source: TradingView
QTUM/USDT daily chart. Source: TradingView

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