Saturday, November 26, 2022

Crypto Swims In Red Despite Wall Street’s Relief Rally

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Crypto swims in red despite the Wall Street Relief rally over the past few days, and there are no signs of relief also so let’s read more today in our latest cryptocurrency news.

The past few days saw a huge disparity between the crypto market and the traditional stocks. Unlike Wall Street, crypto swims in red without a sign of relief. At the time of writing, the BTC price is charting about a 1% decrease in the past day and continued to struggle at around $29,000.  This usually happens during the days of an evident rally for Wall Street as major indices are in the green rolling other declines. As seen in the charts, BTC is uncorrelated to the S&P 500, NASDAQ, or the Dow Jones all of which managed to find relief after a huge slump earlier this month.

Most of the altcoins are trading in the deep red and charted more considerable decreases compared to BTC. Even though the market remained flat in the past 24 hours, ETH lost 10% during the last week and ADA lost 11%. SOL dropped by 16% and XRP also dropped by 6%. this is what the last day looked like for some altcoins that we’re able to chart some smaller gains but the market still remained flat. In any case, the performance of alternative coins caused Bitcoin’s dominance which tracks the share relative to that of the market to soar in the past week but it was trading at levels recently that we haven’t seen since last October.

quantify crypto
Source Quantify Crypto

As earlier reported, Ethereum and other altcoins are feeling more pain than ever while the gaming tokens are falling fast alongside the metaverse tokens as well. The cryptocurrency market is down 4% in the past day continuing the fallout from the recent crypto crash. Ethereum and Solana are falling faster than the market average alogn with the gaming and the metaverse tokens with the crypto market continuing to suffer after the month’s wider crash with the top coins hitting low prices that were not seen for more than a year.

The overall market is down 4% today as most coins like Ethereum and Solana posted bigger declines and the gaming tokens are seeing bigger drops. Ethereum dropped 7% in the past day as per the data from Coingecko and it is now at a price of $1,749 and fell further to $1,722 in the past day, dipping to a new low now seen from March 2021.

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