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Bitcoin Price Tops $42k after Hitting New Low in Past Few Weeks, Are Bears Wrecked?

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by Steve Muchoki · 3 min read
Bitcoin Price Tops $42k after Hitting New Low in Past Few Weeks, Are Bears Wrecked?
Photo: Depositphotos

An increased correlation between crypto movements and tech stocks has opened a new crypto perspective.

Bitcoin (BTC) market price is up 2.3 percent in the past 24 hours, widening the scope of future volatility. The asset exchanged hands at around $42,616 according to data provided by TradingView. Bitcoin’s market dominance is around 39.5% closely followed by Ethereum (ETH) with approximately 18 percent. The rest of the altcoin industry has a market share of approximately 42 percent.

The crypto market has rebounded above $2 trillion valuations as the United States tech stocks including crypto-oriented showed resurgence over the weekend. According to market data provided by CoinGecko, the entire crypto market is up 2.9 percent and stands at around $2.05 trillion at press time.

An increased correlation between crypto movements and tech stocks has opened a new crypto perspective. Remember, the US regulators approved the first Bitcoin ETF last year. Notably, Nasdaq Composite Index. IXIC has been on a decline for the past two months. Similarly, the crypto market was also trapped in a declining trend for the past two months.

However, the market turned into positive gains during the weekend, thereby nullifying a possible extended bear market. For this case, the Bitcoin US dollar derivative has formed a perfect bull case scenario in the near term, with higher highs and higher lows respected in the weekly chart.

The rejuvenated bulls coincided with increased fundamentals for investors to consider before investing. “The current panic and volatility surrounding bitcoin are based on a fundamental misunderstanding of it as an asset class,” said Ed Hindi, a chief investment officer of Swiss-based cryptocurrency hedgefund Tyr Capital. “When valuations on the Nasdaq fall, misguided institutional investors start liquidating bitcoin positions en-masse as if it were a tech stock.”

Bitcoin Price, the Altcoin Industry and the Crypto Stock Market

Bitcoin price’s pull back from recent low leaves it at approximately 42382 percent in gains from all time compared to 529,775 percent attained at an all-time high. The altcoin industry also followed the crypto king in the weekend’s gains. For instance, Ethereum (ETH) has gained approximately 17.8 percent and 1.5 percent during the past seven days and the last 24 hours respectively.

Other notable altcoins include Binance native coin BNB that traded around $425 as of press time, having gained approximately 12.7 percent and 2.1 percent in the past seven days and last 24 hours respectively according to CoinGecko.

Solana on the other hand is up approximately 25 percent and 1.0 percent in the past seven days and 24 hours respectively and exchanged hands around $116.61.

As for the crypto stock market, Coinbase Global Inc (NASDAQ: COIN) closed last Friday trading at $194.44, up 7.24 percent from the day’s opening price. The gains extended during Monday’s premarket with approximately 2.1 percent as of Feb 7, 2022, 4:56 a.m EST.

Bitcoin News, Cryptocurrency news, News
Steve Muchoki

Let’s talk crypto, Metaverse, NFTs, CeDeFi, and Stocks, and focus on multi-chain as the future of blockchain technology. Haha, Take it easy. Let us all WIN!

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