Bitcoin & Ethereum Divergence: Understanding the Crypto Market Split

One could argue, based on some factors like Simple moving averages that the BTC-ETH pair is bearish and at the same time the BTC-USD pair is bullish. It is the same for many alts.

That is sort of an odd occurrence that is at least party unique to crypto.

At the moment for ETH and actually many alts their BTC charts look like they are experiencing the height of the crypto bear market, yet many USD charts of those same coins are showing an uptrend (not just an uptrend, but an uptrend off the bottom of the 2018 bear market as we knew it <—– not to imply lows are in).

That is cool on one hand, your BTC buys a good amount of X alt, but on the other hand that is a little scary… because if ETH and alts can’t pick it up, or if BTC can’t hold, it could get really ugly for BTC pairs.

Anyway, no one knows what will happen. The main point here isn’t trying to speculate on what will happen, it is just pointing out the oddity that you can have a coin where some pairs are in a bull market while others are in a bear.

On the plus side, TOTAL2 on Trading View (the total market cap minus BTC) is also bullish. So putting aside BTC values, the market is looking nice overall. And also to be fair, BTC pairs only look bad because ol’ BTC has been so strong lately.

Total Crypto Cap minus BTC, looking noice.