Bitcoin is in risk-on mode yet again, trading in lockstep with stocks and pushing altcoins significantly lower, while gold continues to shine
Ethereum (ETH), Cardano (ADA) and Shiba Inu (SHIB) posted significant losses along with other major altcoins amid a sharp market correction.
SHIB has plunged as much as 9.4% from its intraday high of $0.00003253 to hit an intraday low of $0.00002950 on the Binance exchange.
ADA and ETH are down 4.6% and 6.2%, respectively, from their February 17 highs.
Virtually all of the top cryptocurrencies are in the red over the past 24 hours, according to data provided by CoinMarketCap.
Cosmos (ATOM) is the only major altcoin that managed to reverse the bearish trend with a decent price surge of 6%. The token is currently trading at $29.42 on the Binance exchange.
The leading altcoins moved in tandem with Bitcoin, which recently slipped to an intraday low of $41,882, the lowest level since Feb. 14.
After briefly recovering nearly $46,000, the world’s largest cryptocurrency is struggling to regain momentum amid a series of sideways trades.
Bitcoin remains under pressure amid an underwhelming trading session for the U.S. equities market. The Dow Jones Industrial Average is down 458 basis points at the time of writing.
The price of gold continues to recover, hitting a multi-month low of $1,897 per ounce earlier in the day. The recent decision has reinforced the safe haven status of the yellow metal. Bitcoin, on the other hand, continues to function as a risky asset.
The Japanese yen, which is regarded as a traditional safe-haven currency, has also spiked to the highest level against the U.S. dollar in more than a week.
