Bitcoin is green again after a number of days of decline, despite USD, stocks and gold all facing downtrend.
Bitcoin is the only asset with a positive sign
The cryptocurrency market crashed, but Bitcoin remained firm in the market, BTC in particular has returned to the green zone. Crypto market cap dominance has skyrocketed over the past week, hitting 45%, a metric that will only be seen in October 2021 when BTC hits $69,000/BTC. The market wobbled when Terra was wiped out and lost nearly $1 billion, SOL is now losing about 80% of its value.
Avalanche – A new competing platform that has delivered steady growth in 2021 has also lost almost 78% of its value and is currently around $30. Other cryptocurrencies have all fallen sharply, many coins have lost more than 80% but BTC has only lost 20% of its value but only 24 hours BTC has risen again, according to BTC Chart this coin has gained. 4%. Currently, BTC is hovering above reliable support around $30,276. This shows that investors are starting to return to risky assets.
However, according to the analysis of the IntoTheBlock platform: “The correlation between the two largest cryptocurrencies BTC – ETH and the three most prominent US stock market indices has risen to multi-month highs.”
“The 30-day correlation has now crossed 0.9 (highest is 1), noting that “cryptocurrency is moving almost parallel to traditional stocks.”
Therefore, this can only be a bullish signal in the short-term and investors should consider all financial decisions at this time.
Follow Innnewyorkcity VN.com to keep up to date with the latest bitcoin news!
Source: INN NEW YORK CITY