As Bitcoin Falls Down, Currencies Experience Losses
Bitcoin fell down and went past the point $8,100 and as it was expected most of the cutrrencies experience substential losses.
It should be mentioned that just three out of 20 top coins go up during the last 24 hours. For example, Iota hasrelatively huge gains – somewhere over 2.4% at the moment. But in general as Bitcoin falls down, currencies see red. Algorand, being the 17th top crypto currency went down and slide almost 2.8% at press time.
Currencies See Red while Bitcoin Falls Down
Bitcoin experiences volatility but in comparison with the others it is almost stays flat. It hovered around $8,100 during the last couple of days and now it dropped below this point. The currency reached $8,043 milestone and at the moment is $8,095. So it went down 1% during the previous 24 hours.
BTC experienced volatility this week and its highest and lowest points to be $8,485 and $7,763 accordingly. Nevertheless it stays almost flat this week as far wet down only 0.3% over 7 days. The previous registered price was $8,127 a week ago.
But its market share fell a bit as well. Now it has 67.1% against 67.2% it had before.
Ether went down 0.6% over the day and now is trading around $176. Ether became stronger and went up 1.5% over the last week.
XRP sees some gains in comparison to the other two leaders. Now XRP is trading at 0.256 and it means it went up 0.2%. Over the last week its gains are significant – 5.5% in total.
But in general market capitalization is dropping and it is $216 billion now against $218 billion yesterday. So looking at the market situation in general it is obvious that if Bitcoin falls down, currencies experience losses.
Bitcoin Correlates With S&P 500?
Tom Lee claimed today that BTC’s price is connected and corresponds to the S&P 500 index. So it is not immune to macroeconomic chnages, ups and downs. However, S&P 500 stays relatively flat while BTC has huge gains from October 2018th.
Lee says that when the index gained 15% Bitcoin’s gains were 1.800% and when the index was flat BTC gained 300%. However, when S&P performed well Bitcoin also had substantial gains.