In a recent update, prominent trader Eugene Ng Ah Sio shared insights regarding the current dynamics of the altcoin market. In a notable shift, he observed a marked internal divergence among cryptocurrencies, particularly during this latest altcoin rally. Despite seeing some low-cap altcoins experiencing gains between 50% and 200%, major assets like SOL and ETH have noticeably underperformed. Ng pointed out that Bitcoin struggled to maintain levels above $95,000, which he considers a critical threshold for a potential price uptrend. As a result of these market conditions, he has opted to recalibrate his trading strategy, reducing his long positions in favor of a short stance. This approach underscores a tactical mindset, focusing on capital preservation while navigating the complexities of the cryptocurrency landscape.
Source: https://en.coinotag.com/breakingnews/altcoin-surge-trader-eugene-ng-ah-sio-analyzes-lackluster-performance-of-sol-and-eth-amidst-market-divergence/