The cryptocurrency market has somewhat stabilized, presenting a predominantly green landscape as Bitcoin struggles to stay above the psychological $10,000 marker.
Cryptocurrency Market Situation. Source: Coin360
Sentiment for Bitcoin has seen a moderate improvement towards a strongly neutral outlook.
Bitcoin Sentiment Chart by theTIE.io
Despite this overall lukewarm performance, proponents of Bitcoin’s store of value potential have reason to rejoice today. According to a report by Digital Asset Data, BTC is increasingly gaining correlation with the broader asset markets – positively with gold, and negatively with the stock market.
With a recession looming on the global economy, Bitcoin could fulfill the role of a “safe haven asset,” to which investors flock during uncertain economic times.
Altcoins see recovery with ETC and BAT leading
The rest of the cryptocurrency market is seeing strong corrections from yesterday’s fall, with two strong outliers making significant gains.
Basic Attention Token is strongly reacting to its new listing on Kraken, a popular and reputable exchange which scored highly on TheTIE’s exchange transparency grid. BAT has gained more than 15% on yesterday’s price, while curiously its partner-in-listing WAVES has registered a much more modest 4%.
The stark difference can be explained by the contribution of other fundamental drivers, with BAT recently launching the much-anticipated online tipping feature in its browser.
BAT Recent Price Trend. Source: CoinMarketCap
The other outlier is none other than Ethereum Classic, which after an against-the-grain rally on Tuesday has continued today with a 14.6% gain. The total 7-day performance is a solid +21%, by far the highest in the top-50.
As before, it’s difficult to give a meaningful explanation of the rally. The upcoming ETC Atlantis hard fork is scheduled in about 22 days, too far ahead to justify any price action, though the final confirmation was released on Monday. The run is likely to be due to a combination of factors, including possible whales entering ETC positions.
The rest of the altcoin market is seeing moderate recoveries, with IOTA, TRON and Cardano gaining 8%, 6.32% and 6.42% respectively as the rest average on 3-4%.
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