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Although the cryptocurrency market is turning green at the moment, it is in a state of recovery from a recent fall in the price and volume of trade. At the time of writing this article, Bitcoin and the main altcoins are increasing at a slow pace, which could continue with a gradual slope, suddenly rise or fall further. As pointed out by eToro senior market analyst, Mati Greenspan, cryptocurrency often follows its own trend, regardless of what stocks are doing, gold and the US dollar:
Crypto only DGAF!
The correlation between bitcoin and gold, the US dollar and the stock market has gone to zero this year.
Regardless of the turbulence affecting global financial markets, cryptography does not matter. pic.twitter.com/7Z1qqFCYpR
– Mati Greenspan (@MatiGreenspan) 17 January 2019
The data taken from Coin360.com show the green color across the board, with a hint of red coming from the high spheres like Cardano, Monero and Tether. The main engines are pushing towards the marginal green, with Tron, EOS and Binance Coin constantly increasing.
Over the past week, Bitcoin has fluctuated around $ 3,600 USD – including the moderate decline and the subsequent upward trend – and is gaining incrementally. The chart taken from CoinMarketCap shows the price movement of the Bitcoin price during the week. At the time of writing, Bitcoin is trading for $3,669.69 USD, which is a 0.90% increase in daily trading. If the token arrives at the weekend with an increasing value, it could see an increase before the start of the new week.
By comparing the price movements of Bitcoin with other altcoins, such as that of Tron, the altcoin is imitating Bitcoin and is growing and falling in trend. The market rankings clearly show the fluctuations that the tokens are following.
Looking at Cardano which is currently in red, the movement of the cryptocurrency is similarly modeled by Bitcoin. If the main token can increase, the rest of the market trajectory will follow in kind.
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