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Top Crypto Trader Warns Polygon, Binance Coin and One Ethereum Rival Risk Crashing if Bitcoin Dumps

A extensively adopted crypto analyst is warning {that a} Bitcoin (BTC) dump would seemingly trigger the worth crash of Polygon (MATIC), Binance Coin (BNB) and Cosmos (ATOM).

The pseudonymous analyst Altcoin Sherpa tells his 187,300 Twitter followers that he thinks Bitcoin is due for an additional dump to the worth vary of $10,000 to $14,000, probably dragging down some layer-1 altcoins.

At time of writing, Bitcoin is altering palms at $16,636.

Altcoin Sherpa says he’s specializing in these layer-1 blockchain tasks due to their worth seize potential.

He first looks at BNB, the token of Binance’s crypto change. If Bitcoin’s worth holds up, he says BNB would seemingly reclaim its $300 worth vary. But when Bitcoin dumps, he says BNB will lose help within the $200 worth vary.

“BNB: This could return to the $300s if BTC holds up. If BTC dumps huge, purchase at $150.”

Supply: Altcoin Sherpa

At time of writing, BNB is buying and selling palms at $270.

He subsequent appears to be like at Ethereum (ETH)-scaling platform MATIC, saying the altcoin has proven energy with enterprise partnerships and up to date rallies. However he predicts with a Bitcoin dump, MATIC may even see a greater than 40% decline.

“MATIC: has nice BD (enterprise and growth) and partnerships, this already went just a few instances from the underside and nonetheless needs to be OK. BTC dumps huge, purchase at $0.50 once more.”

Supply: Altcoin Sherpa

At time of writing, MATIC is buying and selling palms at $0.88.

Turning his deal with the Ethereum rival ATOM, he says it may drop to the $5 vary if Bitcoin drops to the $10,000 to $14,000 worth vary. ATOM had misplaced bull help across the $16 worth stage in September and once more earlier this month within the $15 vary.

“ATOM: BTC dumps, purchase within the $5s.”

Supply: Altcoin Sherpa

At time of writing, ATOM is buying and selling palms at $9.89.

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Disclaimer: Opinions expressed at The Day by day Hodl are usually not funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual threat, and any loses it’s possible you’ll incur are your duty. The Day by day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Day by day Hodl an funding advisor. Please be aware that The Day by day Hodl participates in online marketing.

Characteristic Picture: Shutterstock/Dolan Mbengi



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