Today, Bitcoin fell roughly 71% from its all-time high and is down 57% since the start of the year.either. The Fear and Greed Indexa metric used by some investors to gauge market sentiment, is currently at 20 points, which corresponds to “extreme fear” but this rally provides some respite.
In this way, Ethereum managed to break $1,300 in the last 24 hoursthe first significant upside move for the industry’s second-largest cryptocurrency since the network’s switch to a proof-of-stakes (PoS) consensus mechanism on Sept. 15.
Following the historic event of “The Merge”, the price of ETH plummeted from over $1,700 to almost $1,250 on September 22, unable to bounce back above $1,350 since then.
The two largest coins posted gains amid surging trading volumes, propelling the global market value back above the $1 trillion mark.
Experts point out that the surprising movement occurs despite the fact that the stock markets continue with their fallsespecially Wall Street, which is why they point to the fact that the correlation of crypto assets with the stock markets could be coming to an end.
Since CoinbaseResearch they argue that digital currencies behave closely to tech stocks and the tech-oriented Nasdaq. Before 2020, there was no correlation between the two. In order for bitcoin to work as a hedge against inflation, it must have a consistent return despite markets suffering from selling off.
More cryptocurrency news
What can Bitcoin be used for today?
Payments with QR in crypto: how is the new function launched by Bitso in Argentina
What can currently be done in Argentina with cryptocurrencies
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.