Altcoins post double-digit gains as bitcoin accelerates past $7,000

Altcoins across the board-including Ethereum, Bitcoin Cash, Litecoin, EOS, and Binance Coin-are surging as Bitcoin makes its ascent past $7,000.

Altcoins have been hemorrhaging capital as bitcoin climbed from $5,687 on May 7 to $6,343 on May 11-an 11.5 percent increase.

Some even went as far as to call the relationship between bitcoin and altcoins a "Massacre."

Examining the relationship between bitcoin and altcoins.

Gains in bitcoin are followed by major altcoins-such as litecoin, bitcoin cash, ethereum, and XRP-and then by minor altcoins, such as chainlink, decred, and neo.

Now, the pattern may be repeating as bitcoin once again gains dominance.

As seen in the past, altcoins were losing value as bitcoin marched upwards in dominance.

Now these gains are starting to flow into altcoins as bitcoin accelerates past $7,000.

If bitcoin continues to post astronomical gains with limited capital inflow into the overall market, then altcoins may continue to perform poorly.

If bitcoin surges and then consolidates, it's possible altcoins will see delayed gains as Felman has suggested.