Well-known crypto trader issues warning over bullish alt charts with CoinEdition

• A crypto trader recently warned traders about bullish-looking altcoin/USD charts.
• The trader stated that other traders are better off allocating their capital to BTC.
• At press time, BTC’s price is up more than 6% to trade at $30,125.45.

Earlier today, well-known crypto trader Kaleo (@CryptoKaleo) took to Twitter to warn his followers. Kaleo started his Twitter thread by reminding people not to get caught up in bullish-looking altcoin USD charts.

The analyst also stated that altcoin USD charts would look bullish at the moment given the fact that Bitcoin (BTC) broke out. In addition, Kaleo shared that traders should look at altcoin BTC charts instead, which he believes are currently showing unfavorable trends.

As a result, KALEO ended his tweet by saying that traders are better off allocating a majority of their trading capital to BTC. Shortly after posting the tweet, the trader also commented on his post by saying that the altcoin market will boom in 2024 and 2025 and that traders and investors should just be patient.

At press time, CoinMarketCap indicates that BTC posted a gain of more than 6% in the last day, currently changing hands at $30,125.45. The crypto market leader has also gained more than 7% in the past seven days.

The global crypto market capitalization increased by approximately 4.37% to take the combined total market capitalization of the crypto market to $1.24 trillion. In the last 24 hours, BTC’s dominance in the market has also increased by 0.83%. This increase has pushed BTC’s dominance to 47.02%.

BTC was also able to outperform the leading altcoin in terms of market capitalization, Ethereum (ETH), by 2.98% in the last 24 hours. As a result, BTC is up 2.97% against ETH at press time. Finally, trading volume for BTC has risen by 93.19% in the last 24 hours. This takes BTC’s total daily trading volume to around $23,925,513,096 at press time.

Disclaimer: The views and opinions, as well as all information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.

The post Well-known crypto trader issues warning over bullish alt charts appeared first on Coin Edition.

See the original at CoinEdition

Get the news you want

Read exciting news in the market with a personal feed of stocks you care about.

Get the app