The fact can hardly be denied that 2019 is witnessing an incredibly astonishing performance of Bitcoin. The crypto has consistently been creating all-time highs this year and already crossed the threshold of $13,000 some days back.
BITCOIN WITNESSING A DOWNTREND
However, as far as the current market scenario is concerned, Bitcoin seems to be on a downtrend as it has been trading in a really narrow graph. Moreover, the fact that must be noted is that the highest level Bitcoin could achieve today is from $11,701 to $10,751.
This simply depicts that the renowned cryptocurrency has been in a loss of almost 6.25% over the past 24 hours. Although the current trading price of Bitcoin is $10,969 but if observed on a weekly basis one might notice a price drop of about 2.73%.
The recent Binance report, however, reveals a really interesting fact on the correlation of Bitcoin with Altcoins. It points out the fact that Q2 2019 has witnessed a comparatively less correlation of Bitcoin with other altcoins. It says the average correlation used to 0.73 but as of now, it has lowered to 0.61.
BRIEF GLANCE AT ETHEREUM
Now there is no denial in the fact that the insane bulls of Bitcoin have somehow or the other affected some major Altcoins. Ethereum too is one of them.
Well, Ethereum might have faced some major downtrends because of Bitcoin but as of now, ETH is maintaining smaller losses. As the current trading price of ETH, with a drop of 1.89%, is $287.31.
Considering the weekly chart of ETH, it can be seen that ETH has touched its lowest of $274.62 on 2nd of July whereas its highest point being $321.68 on 30th of June.
RIPPLE(XRP) and Its Losses
Ripple undoubtedly witnessed many bearish moves because of the market’s volatility in the past and is now trading at around 0.381.
The altcoin’s daily performance shows a drop of 3.15% whereas the weekly chart reveals its losses are more than 9%.
In simpler terms, Ripple has been down by 4.84% over the past month.