The cryptocurrency markets have calmed down in the week following the demise of UST and LUNA. However, the correlation to Wall Street remains sky-high.
In the wake of Terra’s devastating collapse, the cryptocurrency market is taking a shot at recovery. In the past seven days, the total capitalization is up to $1.350 trillion, gaining roughly around $70 billion. Most cryptocurrencies trade well in the green, so let’s unpack.
Starting with Bitcoin, the cryptocurrency seems rangebound between $28K and $30K. At the time of this writing, it trades slightly above the latter on shaky volume where buyers appear indecisive. Bulls attempted a more convincing attempt to push the price forward and even brought it above $31K. Unfortunately, their push was for not, as sellers interrupted the advance and pushed BTC back towards $29K.
The price action of Bitcoin and of most altcoins, for that matter, can be categorized as an unfavorable chop where a direction is yet to be convincingly determined. Speaking of altcoins, most of the top ones trade will in the green. Ethereum is up 3.8% over the past seven days, and BNB gained 16.4% – the same as Solana. The largest weekly gainer seems to be Decentraland’s MANA, that’s up a whopping 56%, followed by KuCoin’s native token – KCS . On the other end of the spectrum, we have LUNA and UST – down 88% and 81%, respectively.
Elsewhere, Wall Street also saw a week full of tumultuous and unconvincing price action where major indices shed some value. The S&P 500 is down 2.55% since Monday, while the DJI is down 2.69%. Correlation between traditional markets and crypto remains at multi-month highs, which indicates that the relatively new industry continues to be completely unable to decouple.This is all you need not to miss any price action in the raging crypto markets.
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