The market showed signs that the bitcoin decoupled in today’s trading. The signs of the decoupling is evident with relative stability of the Bitcoin compared to the weakness altcoins felt in today’s trading. When the bitcoin decoupled, the market capitalization felt pressure falling to $181 from $185 from the last 24 hours of trading. The drop could have been more if not for the unexpected strength of the Bitcoin.
The Strength of the Bitcoin
The Bitcoin continued its growth as it rose 3% in today’s trading. After 24 hours of trading the Bitcoin settled at $5,550. With the bitcoin decoupled, the currency is considered highly overbought. This could mean a correction soon but as currently, the trend is still highly bullish.
Signs That Bitcoin Decoupled
The decoupling can be seen with the opposite movement of Altcoins compared to the Bitcoin. The bitcoin grew significantly for a rise of 3% in just 24 hours of trading. However, the altcoins felt downward pressure.
One the major coins to fall is the Ethereum. ETH saw its price drop all the way down to $166.9 for an intraday low before settling at a price of $168.8 in today’s trading. This comes after a surge that brought prices closer to $177.67. That is a massive drop in just 24 hours of trading. The drop was 5% from the recent highs of the day.
Another altcoin that demonstrated how the Bitcoin decoupled was the Ripple. The Ripple is the third largest coin in the crypto market. The price of the XRP settled at $0.3200 for the day. This is a drop of 1.4% compared to 24 hours ago.
The Biggest Market Movers
The biggest market mover for the day was the Cardano which lost 7% for a day to day loss for today’s market. It settled at 10th place among crypto coins with a price of $0.0736. The Binance coin also performed worse as it lost approximately 7% despite a successful migration out of the Ethereum Network.