Bitcoin price fell below the $30,000 level today after trading above the $31,000 level in the past few sessions. The world’s largest and most popular cryptocurrency is down more than 6% and is trading at $29,775. The digital coin is down more than 35% so far this year, trading below the November 2021 peak of $69,000.
Ether, on the other hand, is the coin linked to the Ethereum blockchain and the second largest cryptocurrency, fell more than 5% to $1,826. Meanwhile, Dogecoin price is trading down 6% today at $0.08, while the Shiba Inu is also down more than 7% to $0.0000011. The global cryptocurrency market cap today stands at $1.29 trillion, up nearly 6% over the past 24 hours.
Other digital tokens also declined in performance as Cardano, Stellar, Uniswap, XRP, Litecoin, Tron, Terra Luna Classic, Solana, Polkadot, Avalanche, Polygon were trading with gains in the last 24 hours.
Analysts have noted throughout the years that cryptocurrencies and stocks have joined the hip when it comes to their moves. When one goes up someday, the other follows, and vice versa.
The relationship between stocks and bitcoin has been strong, and the relationship between Coinage and tech stocks is even more pronounced, which can sometimes be perceived as more speculative plays in the market.
Bitcoin and Tech Gauge’s 90-day correlation coefficient is now above 0.68, one of the highest readings in Bloomberg data in 2010. A coefficient of 1 means the assets are moving in lockstep, while a minus -1 would show that they’re moving in opposite directions.
Some closely observed technical measures reveal that bitcoin price According to a Bloomberg report, if the largest cryptocurrency fails to hold support at $29,000, it could hit its lowest since December 2020.
Cryptocurrencies among riskier assets have picked up steam this year as data shows US inflation continues to heat up, with investors fearing the economic impact of aggressive central bank tightening.
(with inputs from agencies)