The cryptocurrency market is generally turning red again today. Most stocks took a major blow yesterday afternoon from which they have not yet recovered. This may have had to do with a new fear, uncertainty & doubt (FUD) from China:
Total market capitalization then dropped from $1.78 trillion to $1.68 trillion and even briefly reached $1.63 trillion last night. Since then, the market has recovered slightly.
Bitcoin (BTC) touched $40,000 the day before yesterday and finally seemed to be on the verge of breaking out. However, Elon Musk’s FUD held back. The expectation was that the BTC price would fall further anyway, but the China FUD accelerated this considerably. Last night, support around $35,000 even seemed to give up for a while, but then bitcoin started to rise again to $36,000. Bitcoin seems to be stuck there for a while. The volatility is decreasing and the dominance of bitcoin also drops below 40%. It looks like bitcoin is getting ready for a big move, but which way?
Ethereum (ETH) is decoupling again from bitcoin and the correlation between the two prices is decreasing. Ether was pushed hard yesterday at around USD 2,800 and the price returned to USD 2,550 last night. Since then we have seen the ether price recover a bit faster than bitcoin and at the time of writing ether breaks through USD 2,700 again and is almost 20% in the plus compared to a week ago.
Although most prices today are in the red, there are a reasonable number that are well in the green compared to a week ago. IOTA (MIOTA), Filecoin (FIL), Binance Coin (BNB) and VeChain (VET) gained another 30% this week, Kusama (KSM), Theta (THETA), AMP (AMP) and Curve (CRV) are more than 40% in the plus and Solana (SOL) even almost 50%. Theta Fuel (TFUEL) was the biggest riser this week with a whopping 60%.
There is also a course in the top 100 that turns green today and that is waves (WAVES). Waves price suddenly surged 15% this morning from around $14.1 to $16.3.