Bitcoin and the broader cryptocurrency market have once again entered a sharp correction after a brutal sell-off on Wall Street on Tuesday, April 26. The world’s largest cryptocurrency has failed to hold above $40,000 and is currently down 5.30% trading at a price of $38,403 with a market cap of $730 billion.
However, BTC could be seen taking support at these levels as per popular crypto analyst Lark Davis.
— Lark Davis (@TheCryptoLark) April 26, 2022
The Bitcoin price is down 10% already on the weekly charts while it has corrected more than 20% on the monthly charts. Bitcoin has been closely correlated to the movements of the S&P 500 and thus remains vulnerable to volatility in the U.S. equity market.
But on-chain data provider Santiment notes that the social interest in buying the Bitcoin dips has skyrocketed. It adds:
Social interest in #buyingthedip has skyrocketed after #crypto‘s latest pullback. The #SP500 correlation is not working in the favor of the #cryptocurrency sector, and crowd fear will play a large part in the two markets breaking apart from one another.
Broader Crypto Market and Altcoins Tank
The scene across the broader cryptocurrency market is quite similar to that of Bitcoin. The world’s second-largest cryptocurrency Ethereum (ETH) has also tanked 5.30% and is currently trading at $2838 with a market cap of $342 billion.
For the year 2022, ETH has been showing almost similar moves with respect to BTC. Ethereum whales, however, have been buying the dips during these times. Popular crypto market analyst Ali Martinez notes:
Ethereum whales have been on a buying spree! Data from @glassnode shows that roughly 44 new addresses with a balance of 10K $ETH or greater were created since March 14. Each of these whales holds more than $30 million worth of #ETH.
Dogecoin (DOGE) which shot up 30% on Tuesday following the Elon Musk-Twitter takeover, has corrected 10% and is out of the top ten crypto list. All other altcoins have corrected anywhere between 4-10%.
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