Crypto in Deep Red Despite Wall Street’s Relief Rally (Market Watch)

These past days have seen a significant difference between traditional stocks and the cryptocurrency market. Crypto is not like Wall Street. It remains in deep red, but there has been no sign of relief.

Bitcoin Struggles at $29K

At the time of this writing, Bitcoin’s price is charting roughly a 1% decrease in the past 24 hours and continues struggling around $29,000.

This is a remarkable coincidence as Wall Street’s major indices are in the green after the declines.

As seen in the chart above, BTC is highly uncorrelated to the S&P 500, NASDAQ, and the Dow Jones Industrial Average (NDQ), all of which managed to find some relief after the considerable slumps of earlier this month.

Altcoins are even more prominent in this regard, as they chart greater declines.

Altcoins Deep In Red

Altcoins trade in deep purple, with much larger decreases than Bitcoin.

Even though the market remained rather flat over the past 24 hours, ETH lost 10% during the last week, ADA – 11%, SOL – 16%, XRP – 6%, and so forth.

This is how the past day looked with some altcoins able to chart small gains but the market remained flat, as previously mentioned.

In any case, the unconvincing performance of alternative coins has caused Bitcoin’s dominance – the metric that tracks its share relative to that of the entire market – to soar over the past week. In fact, it was recently trading at levels that we hadn’t seen since last October.

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