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Most of the cryptocurrencies are in the red despite the stock market rally…Is the correlation over?

Most of the cryptocurrencies are in the red despite the stock market rally…Is the correlation over?

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Answer Most of the cryptocurrencies are in the red despite the stock market rally…Is the correlation over?

The past few days have seen a huge divergence between the cryptocurrency market and traditional stocks.

Unlike Wall Street, most cryptocurrencies are still in the red and without any sign of recovery.

Bitcoin struggles to maintain the $29,000 level:

At the time of writing, Bitcoin is down nearly 1% in the past 24 hours and the price is still struggling to get back to the $29,000 levels.

Interestingly enough, this is taking place during days of apparent rally on Wall Street, where major indicators were healthy and in the green after earlier dips.

Read:CoinEx’s dream of globalizing finance: a team that pursues revolutionary, innovative and easy products

As shown in the chart above, Bitcoin is now largely uncorrelated with the S&P 500, Nasdaq, and Dow Jones.

These indicators managed to find some relief and rally after the great recession recorded earlier this month.

While neither Bitcoin nor alternative digital currencies followed in the footsteps of “Wall Street” and its performance remained negative.

The total value of the crypto market fell below the $1.2 trillion level:

Currently, the majority of altcoins are trading in red, following Bitcoin’s first steps.

Ethereum coin lost 10% in the last week, while the price of Cardano coin has fallen by 13% in the last 7 days.

Solana and Ripple were also not spared from the decline and also declined by 17% and 6% in the last 7 days.

The unconvincing performance of altcoins made the bitcoin dominance rise over the past week.

Read:The Federal Reserve reveals when to fully curb inflation

The dominance of Bitcoin on the crypto market reached 46%, a figure that has not been recorded since October 2021.

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