THE EXTHIT . . .
Pronounced a with lisp and weak wrist.
The bitcoin rally continues to be fueled by the flight from alts and ICO’s to the safety of bitcoin. Evident in the charts below.
Again, this is a flight from cryptos to sound money (bitcoin). This is not a flight from cryptos to dollars. The dollar price of ethereum has actually rallied from about $420 to $480.
The real scary part is when the market wakes up to the fact that ethereum is worse than worthless because it has enabled ICO scams and outright frauds costing citizens billions.
A collapse in the dollar price in ethereum could also create a snowball short term panic in bitcoin.
In other words the flight to bitcoin by shit coin holders is shifting weak hands into bitcoin. When eth starts to lose dollar value, these same buyers will likely panic again creating the long anticipated break below 6000 in bitcoin.
Hope this helps.