The last 24 hours were painted in red. The cryptocurrency market remains highly correlated to traditional stocks as both chart considerable declines.
The past 24 hours haven’t been so favorable to the cryptocurrency market, in general. The total capitalization is down below $2 trillion once again, as the bitcoin price dropped to a low of around $41,900 (on Bitstamp). The rest of the market is also in the red as Ethereum is currently trading below $3K.
Bitcoin Price Dips Below $42K
The past couple of days have been a complete roller coaster on the cryptocurrency market and particularly when it comes to bitcoin’s price. Just two days ago, on February 10th, BTC was testing $46K when it got seriously rejected and has been falling ever since.
The price marked a few consecutive red candles after that and tumbled below $43K before managing to find some sort of relief and recovered back towards $44,000. This was for not, however, as the bulls failed to sustain the momentum, resulting in today’s decline.
Today, the price dipped below $42K, and even though it managed to recover a little bit since, BTC is down about 2% on the day at the time of this writing.
All in all, it has been a very turbulent week with tremendous volatility on both the crypto and traditional markets which remain highly correlated. The S&P 500 closed yesterday’s trading session 1.9% in the red, while the Dow Jones Industrial Average is down 1.4%.
Source: CryptoPotato.com
