Although the cryptocurrency market is showing green at the present, it is in a state of recovery from a recent dip in price and trading volume. At the time of writing, Bitcoin and the leading altcoins are increasing at a slow pace, which could either continue at a gradual incline, spike suddenly or dip further. As pointed out by eToro Senior Market Analyst Mati Greenspan, cryptocurrency often follows its own trend, regardless of what the stocks, gold, and the US dollar are doing:
Crypto just DGAF!
Correlation between bitcoin and gold, USD, and the stock market has moved to zero this year.
Whatever turmoil is hitting the global financial markets crypto don’t care. pic.twitter.com/7Z1qqFCYpR
— Mati Greenspan (@MatiGreenspan) January 17, 2019
Data taken from Coin360.com shows the green flush across the board, with hints of red from the altcoins such as Cardano, Monero, and Tether. The major movers are pushing marginal green, with Tron, EOS, and Binance Coin moving up steadily.
Over the past week, Bitcoin has been hovering around the $3.600 USD – including the moderate dip and subsequent reverse upward trend – and is gaining incrementally. The chart taken from CoinMarketCap shows the movement of the price of Bitcoin price over the week. At the time of writing, Bitcoin is trading for $3,669.69 USD, which is a 0.90% increase in day-on-day trading. If the token goes into the weekend with increasing value, it might see an upsurge before the new week kicks off.
Comparing Bitcoin’s price movements to other altcoins, such as Tron’s, the altcoin is imitating Bitcoin and is rising and falling in trend. The market charts blatantly show the swings that the tokens are following.
Looking at Cardano which is currently in the red, the cryptocurrency’s movement is similarly modelled by Bitcoin. If the major token can spike, the rest of the market’s trajectory will follow in kind.