Bitcoin momentarily fell below its 50-day moving average, returning to the trading range it has been in this year. The value of the digital coin has dropped by nearly 2% to $41,917. So far in 2022 (year-to-date or YTD), the world’s largest and most popular cryptocurrency has lost more than 9% of its value.
For most of the year, Bitcoin has traded in a range of $35,000 to $45,000. The cryptocurrency’s price rose to year-to-date highs after a breach of over $48,000 last month, but it ran into resistance around its 200-day moving average.
On the other side, Ether, the cryptocurrency tied to the Ethereum blockchain and the second-largest cryptocurrency by market value, fell more than 5% to $3,179. Meanwhile, the price of dogecoin has dropped over 3% to $0.14, while the price of Shiba Inu has dropped over 3% to $0.000024.
Other digital tokens’ performance has deteriorated as well, with Litecoin, Stellar, Cardano, Solana, Polkadot, Polygon, and Uniswap values all falling in the previous 24 hours, and Terra slipping almost 9%. According to CoinGecko, the worldwide cryptocurrency market capitalization was above $2 trillion even as it dropped to $2.04 trillion, a drop of more than 2% in the past 24 hours.
Bitcoin’s tendency for moving in lockstep with assets like US equities makes the decrease less surprising following a rough week for US markets last week. Bloomberg reports that its correlation with the Nasdaq 100 Index has returned to record highs.