Bitcoin remains in its quite familiar range between $9,000 and $9,300 after a 2% increase from yesterday’s low.
The most prominent US-based indexes registered similar increases yesterday, confirming the high correlation levels between the two asset groups.
As reported yesterday, the price for the primary cryptocurrency decreased to $9,050 on some exchanges like Bitstamp. On its way down, Bitcoin broke below the $9,300 level. The significant support at $9,000 confined the losses.
During the past 24 hours, the bulls took charge and pushed BTC towards that critical $9,300 level again. Their efforts didn’t come to fruition and it currently trades at aorund $9,250.
Several alternative coins are registering substantial price increases. As a result, Bitcoin’s dominance decreased by 2% in eight days.
Following the news of Swingby’s integration, Elrond is still the most impressive performer among the top 100 coins. With over 50% daily gains, ERD is trading at $0,012. Just a month ago, it struggled beneath $0,003, meaning that in 30 days, the asset pumped by 300%.
Cosmos and Algorand are up by about 20% to $4,43, and $0.28, respectively. Other impressive gainers include Aave (17%), Stratis (16.9%), and Stellar (11.43%).
From the top 20 altcoins, Binance Coin increases by 5% to $17.38. Tezos, after a few days of adverse price developments, is up by 6%, and XTZ is trading at $2.6.
The correlation between Bitcoin and the stock market indexes was evident yesterday as well, as the S&P 500, the Dow Jones, and Nasdaq were all up by approximately 1-1.5%. Data from the monitoring company Skew reveals that the S&P 500 and the primary cryptocurrency have performed quite similarly during the past six months, and especially following the COVID-19 crisis.
Interestingly, the prominent index could soon have a new member of its 500 elite US-listed company stocks, according to Reuters. After being arguably among the best-performing equities in the past year with a surge of 500%, Tesla (TSLA) is on the verge of joining the S&P 500.
The latest speculations came after Tesla announced Q2 vehicle deliveries exceeding the expectations last week. The company stock reacted with another massive surge, and TSLA closed Friday’s session at a new all-time high level of about $1,550.
