The past few days saw a considerable disparity between the cryptocurrency market and traditional stocks. Unlike Wall Street, though, crypto remains deep in red without a sign of relief.
Bitcoin Struggles at $29,000
As of this writing, the price of Bitcoin is registering a ~1% drop in the last 24 hours and continues to struggle around $29,000.
Interestingly enough, this happens during days of an evident relief rally for Wall Street as major indices are well in the green following the previous declines.
As seen in the chart above, BTC is highly uncorrelated to the S&P 500, NASDAQ, and the Dow Jones Industrial Average (NDQ), all of which managed to find some relief after the considerable slumps of earlier this month.
This is even more evident with altcoins, which are seeing larger declines.
Altcoins deep in red
The majority of altcoins are trading in dark red, seeing much larger declines compared to Bitcoin.
Even though the market remained rather flat over the past 24 hours, ETH lost 10% during the last week, ADA – 11%, SOL – 16%, XRP – 6%, and so forth.
Here’s what the past day looks like with some of the altcoins potentially posting insignificant gains, but, as mentioned, the market remained pretty flat:
