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November 29, 2022
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Guide & Analysis

End of party? Altcoins hit by low in the stock market

Bitcoin fails to reach the $ 9,300 mark again. Altcoins correct together with the stock market.

On Wall Street, Monday’s trading had a bad day, as the main indices went from intense green to intense red. Tesla lost 17% over 24 hours.

Another attempt to conquer the coveted $ 9,300 level failed, and this pushed the price of Bitcoin back to $ 9,200.

On the other hand, the altcoins market continues to show sharp movements, as Aurora rose with a three-digit percentage and entered the top 100, while Chainlink and some DeFi tokens corrected.

Stagnant Bitcoin

Bitcoin fundamentals are getting stronger. The hash rate, which essentially measures the amount of computational energy used by miners to support the network, reached a new historical record a few days ago.

In response, Bitcoin underwent a huge 10% difficulty adjustment to balance the average time between blocks. Consequently, the BTC’s difficulty reached an ATH, in addition to 17.35 T.

Although network security is continually increasing and is currently in its most robust state, the price of BTC fails to rise. In the past five days alone, BTC has not moved out of the tight range between $ 9,000 and $ 9,300.

At the time of this writing, Bitcoin is once again at the $ 9,200 level, after another failed attempt to break through the significant $ 9,300 resistance. If it finally breaks, BTC will face $ 9,600, followed by $ 9,800 on its way up. Alternatively, the $ 9,000 psychological line serves as a big support, if Bitcoin goes down.

Fall in the stock market

The S&P 500, Dow Jones and Nasdaq have started to encourage yesterday’s trading session, despite news that the United States has reported about 60,000 confirmed cases of coronavirus for a few consecutive days. However, intraday gains were quickly eliminated. The S&P closed at 3,155, marking a drop of 1%, while Nasdaq fell more than 2%, to 10,390.

However, futures contracts for the three major US stock indices increased in value in overnight trading. Dow futures were up 50 points, while Nasdaq 100 and S&P 500 futures were up 0.4% and 0.15%, respectively.

These increases come in response to news that several major banks, including JPMorgan Chase, Wells Fargo and Citigroup, are expected to post their earnings ahead of the opening signal on Tuesday.

According to the stock director at Aviva Investors, Susan Schmidt, in the USA, “banks are the foundation of our economy”. She believes that reporting this data in times of uncertainty is crucial for the country’s entire financial field.

With these spikes in futures markets and the increased correlation between stocks and Bitcoin in recent times, the question remains whether BTC will follow the upward movement later today.


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Altcoins don’t stop

The altcoin market has attracted a lot of eyes in the past few days, with massive price developments between several altcoins. An obvious example is Chainlink (LINK), as the asset rose 40% yesterday, alone, to reach its new historical record of almost $ 8.5.

LINK, however, was unable to maintain its high and today fell more than 16% to $ 7.18. As such, Chainlink’s native cryptocurrency fell from the top 10 currencies by market value.

The DeFi industry, arguably the hottest trend in the cryptocurrency field recently, also sees some of its token representatives dwindling in value. Ampleforth (AMPL) is the most significant loser of the day, with almost 38% drop to $ 1.54. The Synthetix, Ren, Aave and Kyber Network also fell by approximately 7.5 to 8%.

Aurora is on the other bank. AOA is by far the most impressive winner in the past 24 hours, with an increase of 259% to $ 0.014. Its market value is close to US $ 100 million, and Aurora is among the top 100 currencies by market value.

Source: cryptopotato

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