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Bitcoin Cash (CRYPTO: BCH) and Ethereum Classic (CRYPTO: ETC) are trading lower by 4.9% to $397.52 and 5% to $28.89 Friday afternoon. Shares of several altcoins are falling, pulling back following Thursday’s strength in Bitcoin as the apex crypto pulls back for the session.
Bitcoin is the largest and most well-known cryptocurrency. As such, its price movements often influence the overall sentiment in the cryptocurrency market.
When Bitcoin experiences a significant drop or rise, it can trigger similar movements in other cryptocurrencies like Bitcoin Cash and Ethereum due to investors’ reactions to the broader market sentiment.
Bitcoin, Bitcoin Cash and Ethereum also share some technical similarities as cryptocurrencies, including blockchain technology and consensus mechanisms.
Changes in the technical aspects of one cryptocurrency, such as upgrades or scalability issues, can impact market perceptions of other cryptocurrencies with similar technical features.
Bitcoin spot exchange-traded funds (ETFs) were observing a consistent pattern of net outflows spanning four consecutive days, totaling $93.85 million according to data from SoSoValue as of March 21. This indicates a cautious sentiment among investors.
Specifically, the Grayscale Bitcoin Trust (GBTC) reported a significant single-day net outflow of $358 million, contributing to its historical net outflow surpassing $13.63 billion. This highlights an ongoing trend of capital withdrawal from the GBTC fund…Read More
See Also: Bitcoin, Altcoins Ready For Massive Gains, According To Analyst
