cointelegraph.com
Bitcoin (BTC) extended its price drop on April 7 amid warnings that excessive long positions needed to be flushed out to allow for fresh gains.
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.
XRP and Polkadot (DOT) were the biggest losers in the top ten cryptocurrencies by market cap, shedding over 10% on the day. All but one of the top 50 tokens, excluding stablecoins, were in the red.
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.