A sea of red greets traders on Wednesday as blame shifts to leveraged long traders and the need to liquidate their positions.
Altcoins reverse strong weekly start
On altcoins, strong performance was in jeopardy at the time of writing, with Ether back below its historic $2,000 marker and heading away from all-time highs.
Commenting, popular trader Scott Melker blamed overly sensitive traders.
“Bitcoin sneezes and drops a few hundred dollars, edgy traders panic sell their alts like jabronis and Bitcoin Dominance rises. Good times,” he tweeted.
“Reminder just how delicate these windows of alt coin trading are.”
Alts remain tipped for a dramatic return to form in summer, with Filbfilb even arguing that the second incarnation of “Alt Season” is already here.