Bitcoin
BTC$16 850.61

2.23%

Ethereum
ETH$1 264.86

4.07%

Tether
USDT$0.999917

0.02%

Binance Coin
BNB$299.27

-1.26%

USD Coin
USDC$0.999988

-0.01%

Binance USD
BUSD$1.000272

0.01%

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 61.2% 80 $16 850.61 2.23% 2.05% $323 880 775 090 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 65.2% 79 $1 264.86 4.07% 8.41% $154 786 411 293 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.4% 1 $0.999917 0.02% 0.08% $65 357 268 959 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 70% 67 $299.27 -1.26% 0.72% $47 873 891 086 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 94.8% 1 $0.999988 -0.01% -0.02% $43 305 846 022 USDC 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 92.4% 1 $1.000272 0.01% 0.02% $22 171 401 519 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 64.8% 66 $0.400157 1.69% 6.60% $20 123 918 447 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 60.8% 85 $0.105031 1.44% 29.90% $13 934 589 528 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 59.2% 81 $0.314538 1.02% 0.17% $10 833 319 810 ADA 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 93.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 62.4% 72 $0.868577 3.45% 1.53% $7 586 427 443 MATIC 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 68.4% 67 $5.39 1.58% 0.44% $6 144 181 845 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 91.2% 1 $0.999740 0.01% -0.01% $5 653 688 069 DAI 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 62.8% 74 $78.05 1.92% -0.16% $5 598 468 272 LTC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 69.2% 66 $0.053816 0.24% 5.92% $5 471 826 904 WTRX 7 days price change

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