Bitcoin regains color and establishes its hegemony

Posted 01 June, 2022

Bitcoin was still enjoying a rather favorable trend and gained weight in the crypto market over the past week. However, several observers note the decrease in the correlation with the stock markets to the detriment of the queen of cryptocurrencies.

On Wednesday morning, a bitcoin traded around 31,500 dollars on the American trading platform Coinbase, almost 6% better than a week earlier. The market capitalization of the market benchmark had returned to $600 billion, up to $30 billion.

According to several experts, the gains made certainly go hand in hand with the recent rally in the stock markets, but the correlation between virtual currencies and dividend stocks has weakened during the week, and this is “to the detriment of the crypto market”, notes a Crypto Finance broker in a note.

“Investors are now transferring their capital back to safer bonds, instead of just selling and holding cash as they have done so far,” Matteo Bottacini believes. This renewed appetite for risk, associated with a lower correlation, could be a sign that prices have bottomed out, “at least for the moment”, nuances the expert.

What holds true for bitcoin has not necessarily held true for some of its main rivals: ether and Solana have seen negative developments. The Cardano on the other hand has appreciated by 16.6% in the last seven days.

According to the specialized portal CoinGecko, the market value of all cryptocurrencies is around 1360 billion dollars, almost 50 billion more than a week ago. The share of bitcoin has risen to 44%, which was around 40% just a month ago.

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