Bitcoin traded flat over 24 hours as the global cryptocurrency market cap inched up 0.4% to $1.9 trillion.
| Coin | 24-hour | 7-day | Price |
|---|---|---|---|
| Bitcoin BTC/USD | -0.4% | 3.6% | $40,869.22 |
| Ethereum ETH/USD | 1.4% | 7.4% | $2,804.85 |
| Dogecoin DOGE/USD | -0.2% | -0.5% | $0.12 |
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| XIDO FINANCE (XIDO) | +167.8% | $95.07 |
| PancakeSwap (CAKE) | +18.7% | $6.61 |
| Mina (MINA) | +13.1% | $2.10 |
See Also: How To Buy Bitcoin (BTC)
Why It Matters: The dollar index, which measures the strength of the greenback against a basket of six other currencies, fell 0.5% to 97.997. The index hit its lowest in a week but is still trading 2.3% higher for 2022.
Cryptocurrency trader Justin Bennett tweeted Thursday that the Dollar Index and Bitcoin tend to be inversely correlated.
“[Bitcoin ]does well during periods of USD weakness and pulls back as the dollar strengthens. However, given the relative strength from #BTC for the last year, any #DXY weakness promises to be even more bullish for cryptos,” said Bennett.
$DXY and $BTC tend to be inversely correlated.#Bitcoin does well during periods of USD weakness and pulls back as the dollar strengthens.
— Justin Bennett (@JustinBennettFX) March 17, 2022
However, given the relative strength from #BTC for the last year, any #DXY weakness promises to be even more bullish for cryptos. pic.twitter.com/RGEbsQDHNU
Bitcoin continues to consolidate and moving above last week’s highs would be a “big step”, according to Craig Erlam, a senior market analyst with OANDA.
“Bitcoin is getting hit in risk-averse trade after bouncing back strongly over the last couple of days. It rallied strongly to push back above $40,000 but fell short just shy of $42,000 and is now being dragged lower alongside other risk assets,” said Erlam in an emailed note.
At press time, U.S. futures traded in the red marginally. S&P 500 and Nasdaq futures declined 0.4% and 0.5% respectively to 4,383 and 14,035.25.
Financial market data and content platform Santiment tweeted that throughout 2022 when equities markets rebound so do cryptocurrencies.
As we've seen throughout 2022, when #equities markets like the #SP500 rebound, so does #crypto. And vice versa, depending on what sector you believe leads the other. $BTC, $ETH, and #stocks have all had nice recovery days, while #gold has dropped hard. https://t.co/3bhFBGJeuI pic.twitter.com/5JJs3jw6Zw
— Santiment (@santimentfeed) March 16, 2022
So-called altcoins, meanwhile, are “down a lot,” according to cryptocurrency trader Michaël van de Poppe. The erosion in price means they start “providing opportunities.”
On Thursday, Van de Poppe tweeted, “People leave because the hype is gone and because people leave, it gives you a great opportunity to grind. That’s the start of your own financial gain.”
#Altcoins are down a lot, but they start providing opportunities because they are down so much.
— Michaël van de Poppe (@CryptoMichNL) March 17, 2022
People leave, because the hype is gone and because people leave, it gives you a great opportunity to grind.
That’s the start of your own financial gain.
Ethereum, the largest of all altcoins, is down 25.7% so far in 2022, while Bitcoin fell 14.4% in the same period. So far this year, large altcoins like Solana, Cardano, Dogecoin and Avalanche are down 51%, 39.45%, 32.8%, and 30.4%, respectively.
Read Next: Bitcoin Analysts React To Fed Rate Hike: Is A 'Short Squeeze' In Cards Above $40K Level?
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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