empty
27.06.2023 02:21 PM
Bitcoin trims early losses

The world's biggest cryptocurrency kicked off Tuesday morning with gains. At the time of preparing this article, BTC is trading at $30,370.

This image is no longer relevant

According to CoinMarketCap, which tracks the quotes of virtual assets, Bitcoin's highest price reached $30,636 in the past 24 hours, while the lowest one was $29,955.

Strong bearish sentiment prevailed in the cryptocurrency market the day before. As a result, the price of BTC dropped by 0.49% to settle at $30,250 on Monday.

The key pressure factor on leading digital coins was pessimism in the US stock market observed the day before. The Dow Jones Industrial Average fell by 0.04%, the S&P 500 index lost 0.45%, and the NASDAQ Composite plunged by 1.16% at the end of the previous trading session.

Experts note that the correlation between the cryptocurrency and stock markets has become progressively weaker this year amid Bitcoin's ongoing sideways move.

This was reported by analysts from US investment company Bernstein in late February. Last month, the correlation between Bitcoin and the tech-oriented NASDAQ index fell to 0.58 from 0.94.

According to Bernstein experts, the cryptocurrency market is currently balancing between bullish and bearish trends while awaiting further driving factors. At the same time, its vulnerability to important news releases and events in the financial world has significantly decreased.

Notably, in early 2022, analysts often emphasized the increased correlation between the US stock market and the virtual asset market amid tense expectations regarding the effects of the geopolitical conflict in Eastern Europe and the Federal Reserve's further steps. In the middle of last year, experts from investment firm Arcane Research stated that the correlation between BTC and tech stocks had climbed to its highest point since July 2020.

Meanwhile, economists from TradingView said that the correlation between the cryptocurrency market and the US stock market was 70% in the fourth quarter of 2022.

Altcoins

Ethereum, the main competitor to BTC, also kicked off Tuesday on a positive note. At the time of writing this article, the asset is trading at $1,874. On Monday, the cryptocurrency dropped by 1.95% to close at $1,853. As for analysts' forecasts, the future trend of the altcoin will depend on whether the coin drops below $1,600 or rises above $1,950.

Among the top 10 cryptocurrencies by market capitalization in the past 24 hours, Solana was the worst performer (-1.82%), while Tron showed the best result (+2.38%).

Last week, Bitcoin topped the list of ten best-performing cryptocurrencies (+12.97%), while XRP suffered losses (-2.13%).

According to CoinGecko, the world's largest cryptocurrency data aggregator, in the past 24 hours, Bitcoin Cash took the lead in the list of gainers (+13.62%) among the top 100 most capitalized digital assets, while BitDAO headed the list of losers (-5.06%).

Last week, the best performer among the top 100 strongest cryptocurrencies was Bitcoin Cash (+108.96%), while Sui showed the worst result (-6.19%).

Data from CoinGecko showed that the total market capitalization of cryptocurrencies is currently above the key level of $1 trillion, standing at $1.142 trillion as of Tuesday morning. This figure increased by 0.52% in the past 24 hours.

Since reaching its peak above $3 trillion in 2021, the market capitalization of the cryptocurrency market has lost about $2 trillion.

Traditionally, June is considered a favorable period for BTC. Over the past 12 years, the digital currency has ended this month with gains in seven cases and losses in five cases. The average gain in June is 16.7%, while the average loss is 19.2%. If Bitcoin repeats the dynamics of previous years this month, it may rise above the April high to $31,600 or drop to $21,900.

In May, the first cryptocurrency slid by 7.6% and closed the month at $27,100. In April, BTC lost nearly 10%. In March, the coin skyrocketed by 22.6%, marking the third consecutive month of gains as the banking sector meltdown eased.

Bitcoin ended February with an advance of 0.9%, reaching $23,200. In the first month of 2023, it gained nearly 40%, making January its best month since October 2021. Notably, the January-March period of the current year proved to be the best quarter for the coin since the beginning of 2021, with BTC becoming one of the most profitable assets.

The main driving force behind gains in the digital currency market since the beginning of 2023 has been an impending crisis in the traditional financial market. Securities and bonds are currently going through a rather challenging period. That is why investors are increasingly keen to invest in virtual currencies.

Irina Maksimova,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

US Market News Digest for March 20

Although the S&P 500 shows optimism, its growth since March 14 has been viewed as more of a correction. A move toward the target range of 5,881–5,910 becomes more likely

Ekaterina Kiseleva 11:26 2025-03-20 UTC+2

Gold on Fire: Ounce Breaks $3,057, Indexes Also Up

Fed Leaves Rates Unchanged, As Expected Central Bank to Reduce Balance Shelf Life Powell Signals Impact of Tariffs Is Difficult to Determine Gold Hits Record High of $3,057.21 an Ounce

Thomas Frank 10:26 2025-03-20 UTC+2

US Market News Digest for March 19

Nvidia, which should have been celebrating the start of its annual developer conference, saw its shares fall instead. Tesla, still reeling from Elon Musk's latest adventures, took a hit from

Natalia Andreeva 10:52 2025-03-19 UTC+2

Markets in fear: Nasdaq plunges 1.71% while gold hits record highs

Tech stocks sink as gold surges to a new record Nvidia dropped as the conference annual of software developers kicked off. Tesla fell after RBC cut its price target

09:35 2025-03-19 UTC+2

Markets in fear: Nasdaq plunges 1.71%, gold hits record highs

Nvidia falls as annual software developers conference begins Tesla falls after RBC cuts price target Gold hits all-time high of $3,038.90 an ounce Alphabet falls after $32 billion deal

Thomas Frank 06:48 2025-03-19 UTC+2

US Market News Digest for March 18

February data revealed a 0.2% increase in US retail sales, signaling robust consumer activity. However, New York's manufacturing activity declined in March, pointing to localized economic weakness. Despite these mixed

Ekaterina Kiseleva 13:51 2025-03-18 UTC+2

EUR/USD Pauses as S&P 500 Forecasts Worsen – How to Find Balance?

The global market is currently struggling to find balance in key currency pairs and stock instruments. This is particularly challenging given the recent decline of the euro and the weakness

Larisa Kolesnikova 07:52 2025-03-18 UTC+2

Global Market Dynamics: China, the US and AI Are Driving New Trends

Intel rises after a report that the new CEO plans to reorganize manufacturing and artificial intelligence operations. February retail sales rise 0.2%. New York manufacturing activity fell in March. Hong

05:16 2025-03-18 UTC+2

Global Markets in Action: China, US, and AI Set New Trends

Intel Gains After New CEO Plans AI Manufacturing and Operations Overhaul February Retail Sales Up 0.2% New York Manufacturing Activity Falls in March Hong Kong Stocks, Kiwis Gain on China

Thomas Frank 04:59 2025-03-18 UTC+2

US Market News Digest for March 17

US markets rally on Friday: S&P 500 gains 2.1%, Nasdaq Composite rises 2.6% The US stock market ended the week on a high note, as if the recent turbulence never

Natalia Andreeva 14:04 2025-03-17 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.