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Bitcoin prices have been trading around $30,000.
Rutmer Visser/DreamstimeBitcoin and other cryptocurrencies were largely holding steady on Thursday, with many digital assets notching mild price increases over the past 24 hours even as stocks have fallen.
The price of Bitcoin was less than 0.5% higher over the past day to around $30,500. The largest crypto remains well below half its record high near $69,000 reached in November 2021, but continues to hold above the key $30,000 level since the beginning of the week—a level it hasn’t consistently traded under since the end of May.
“Cryptocurrency markets have entered a period of rangebound trading although there is a distinct flight to quality from altcoins to Bitcoin, reflected in a rising Bitcoin dominance ratio,” wrote a team of analysts at exchange Bitfinex.
Most notably, digital assets have held up over the past 24 hours even as stocks have declined.
Cryptos should, in theory, trade independently of mainstream financial markets, but have shown themselves to be largely correlated with other risk-sensitive assets—such as stocks, and especially tech stocks.
The S&P 500 fell 1.1% on Wednesday while the tech-heavy Nasdaq retreated 0.7%, and futures tracking both indexes indicated a wavering start on Thursday. Meanwhile, Bitcoin prices have held firm.
Ether, the second-largest crypto, rose near 1% to above $1,800. The token underpinning the Ethereum blockchain network remains below half its record high near $4,900 reached in November 2021 and has failed to consistently hold above the key $2,000 level since mid-late May.
Smaller cryptos, or altcoins, similarly rose, with Cardano up 2.5% and Solana gaining 3.5%. Memecoins—which were initially intended as internet jokes—were more muted, with both Dogecoin and Shiba Inu around 0.5% higher.
Write to Jack Denton at [email protected]
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