Thread by @ercwl

This is an important chart that I think everyone should know about.

In 2017, BTC topped on Dec 16, but alts still kept going for some time. ETH *doubled* in price between Dec 16 - Jan 13 ($700-$1,400) when BTC was going down. Crypto market cap peaked on Jan 7, not Dec 16.

It took almost a year until the crypto market cap overall deflated as much as bitcoin. Although at that point, the losses per coin were generally much larger than for bitcoin (-80% to -99%).

Lesson: if you're trading alts, you won't necessarily know it's over 'til it's over.

Is it different these days? Maybe. Data suggests it isn't. BTC's 1st top ($64k) happened in April but the overall market kept going until May. ETH once again doubled ($2.2k-$4.4k) in that time.

Just because the "bull market" keeps going while bitcoin is going down, it doesn't necessarily mean that the "flippening" is here, that it's the end of Proof-of-Work or anything like that. There's usually a lag. That is how it usually goes. Don't read too much into it.

The general principle here is that as BTC goes up, an avalanche of profit seekers rush to the exchanges. They buy anything and everything. Often for quite some time after the real music has stopped playing.

Maybe it will really be different this time. You should just keep in mind that this has been the rule so far, and not read too much into it if the market behaves that way again.