Bitcoin loses $48K on Wall Street open as trader warns altcoins look ‘rekt’ against BTC

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Bitcoin loses $48K on Wall Street open as trader warns altcoins look ‘rekt’ against BTC

Bitcoin’s dominance holds firm despite fresh U.S. dollar losses as traditional finance trading gets underway.

Bitcoin loses $48K on Wall Street open as trader warns altcoins look ‘rekt’ against BTC

Bitcoin (BTC) declined as Wall Street trading opened on Dec. 13 as stocks came off Dec. 10’s record close.

Bitcoin loses $48K on Wall Street open as trader warns altcoins look ‘rekt’ against BTC

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD diving below $48,000 to reach multi-day lows at the time of writing.

Equities had been tipped to add to all-time highs prior to the start of trading, this getting off to a cold start on the day, with gains slipping.

Correspondingly, Bitcoin added to losses that totaled over $3,000 in 24 hours.

Traders thus continued to eye sideways or consolidatory movements for the near term, steering clear of any outright bullish calls.

“Something like this would drive people nuts,” Scott Melker, known as the Wolf of All Streets, commented on a fresh chart prediction.

The latest move further threatened the stronger outliers in the altcoin story in recent weeks, notably the exchange rate of Ether (ETH) against Bitcoin, which reversed from three-year highs to challenge new support.

ETH/BTC 1-hour candle chart (Bitstamp). Source: TradingView

“Overall, just a small conclusion, I think we are in buy-the-dip zones,” Cointelegraph contributor Michaël van de Poppe argued regarding the broader major-cap altcoin scene in his latest YouTube update.

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