Bitcoin
BTC$24 129.38

4.39%

Ethereum
ETH$1 804.53

5.98%

Tether
USDT$1.000145

0%

USD Coin
USDC$0.999924

0%

Binance Coin
BNB$331.99

4.39%

XRP
XRP$0.382330

2.12%

Bitcoin is near March lows. What's happening?


11 Apr 2022

#Bitcoin

At the start of Monday, Bitcoin's price temporarily fell below $42K, losing more than 3.5% from Sunday's peak value. This is clear evidence of a pressure between bullish retail traders and professional bidders who sold risky assets in response to pressure on stock prices. By the start of the day on Monday, the crypto-currency fear and greed index had lost 2 points to 32, settling in the fear territory.

Altcoins went down

According to CoinMarketCap, the total capitalization of the crypto market decreased by 2% to 1.95B in a day. This clearly reflects the increased pressure on weaker altcoins due to the curtailment of risk demand. The share of bitcoin in the capitalization of the entire crypto market is now 41.3% (+0.6 points in 7 days and +0.3 in a day).

Bitcoin is near March lows. What's happening?

In total, BTC has been losing 1% over the past 24 hours and 8.5% over the week. Ethereum is down 2% and 9% in the last 7 days, and top altcoins fell in price by 1.3% (Dogecoin) and up to 7.4% (Terra).

Why cryptos are correlating with Nasdaq

The crypto market is again increasing its correlation with the dynamics of stocks, or rather, it is guided by the high-tech Nasdaq index. This relationship is easily explained by the fact that in both cases, investors are betting on a progressive idea and not on a stable income.

The original plan, in which cryptocurrencies would become an alternative haven for capital outside of the traditional banking system. As it turns out, crypto exchanges value the idea of legally earning commissions on transactions and on the placement of tokens much more than the original off-system and apolitical approach.

Thus, the cryptocurrency market is increasingly becoming a platform for the assets of ever smaller projects in the technology sector. There is nothing wrong with this in the long run, but right now, such a direct correlation with stocks can do a disservice. Against the backdrop of tightening monetary policy, stocks are under increased pressure. Amid deteriorating sentiment, bitcoin dropped to a 50-day moving average near $42K. Fixing below this level may open a direct path to the area of March lows near $38K.

 


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 75.6% 41 $24 129.38 4.39% 4.16% $461 254 701 638 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 65.6% 74 $1 804.53 5.98% 8.69% $219 936 602 750 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $1.000145 0% -0.01% $66 486 165 109 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 92.4% 1 $0.999924 0% 0.01% $54 212 170 056 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 72.4% 61 $331.99 4.39% 16.48% $53 562 837 067 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 79.6% 40 $0.382330 2.12% 1.69% $18 483 019 171 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 74.8% 52 $0.543298 4.60% 6.44% $18 337 708 125 ADA 7 days price change
8 Binance USD (BUSD) BUSD Binance USD predictions 95.2% 1 $1.000576 0.04% 0.21% $17 888 223 823 BUSD 7 days price change
9 Solana (SOL) SOL Solana predictions 74.8% 44 $43.21 6.94% 2.89% $15 048 127 510 SOL 7 days price change
10 Polkadot (DOT) DOT Polkadot predictions 69.2% 58 $9.31 8.45% 10.51% $10 288 809 309 DOT 7 days price change
11 Lido stETH (STETH) STETH Lido stETH predictions 92.8% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
12 HEX (HEX) HEX HEX predictions 70% 62 $0.054472 8.20% 10.77% $9 446 016 831 HEX 7 days price change
13 Dogecoin (DOGE) DOGE Dogecoin predictions 84% 27 $0.071055 2.78% 4.16% $9 426 956 868 DOGE 7 days price change
14 Avalanche (AVAX) AVAX Avalanche predictions 69.2% 69 $30.28 10.86% 30.10% $8 614 953 421 AVAX 7 days price change
15 Polygon (MATIC) MATIC Polygon predictions 64% 77 $0.946930 3.64% 4.99% $7 608 398 583 MATIC 7 days price change

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