Bitcoin in red has the altcoins incurring losses as well, but for now, the downslide among the altcoins isn’t that harsh. Since early May, Bitcoin’s dominance is actually on a downtrend, going from nearly 69% to 64.65%, which has been the result of altcoins pumping while leading cryptocurrency continues to range.
Market Value to realized Value (MVRV) ratio indicates whether bitcoin has been trading above or below its fair value relative to its realized price. A ratio between 1 and 2 means BTC could be undervalued while a higher ratio implies overvaluation. Currently, the MVRV ratio is at 1.6, remaining at relatively low levels despitethe recent price surge.
Meanwhile, in the US stock market, the tech-heavy Nasdaq composite set the 5th record this month and 21st record of the year, its best winning streak since 1999. Big technology stocks are the ones that are leading much of this rally.
However, fresh highs for tech stocks while volatility remains elevated and may pose trouble for the S&P 500 index, according to BTIG LLC.
On Tuesday, while Nasdaq reached a record high, fellow American indexes S&P 500, Dow Jones, and Russell 2000 failed to hit their own new ATH.US stocks more commonly record gains during periods of low volatility or risk reversal after blowouts of the kind seen during March and April.
Bitcoin is on a downslide today, moving as low as $9,231. Currently, BTC/USD is trading around $9,350 with a 24 hours loss of 4.55% while managing the daily ‘real’ trading volume of $1.4 billion.