Bitcoin update price BTC flat crypto rising to worst case

Bitcoin lunch: Bitcoin + crypto price rise: Correlation, key quotes and attack

By now it’s lunch time again, so we take a look at the live Bitcoin price and the prices of the top 25 crypto currencies. In addition, we look at the correlation between Bitcoin and other investments and see how BTC enthusiasts are going on the attack. Finally, we look at what key prices investors are following right now.

We begin, of course, with the live Bitcoin price and the current prices of the top 25 crypto currencies.

Live Bitcoin price rises, prices top 25 crypto also mostly positive

At the time of writing, the live Bitcoin price is quoting EUR 35,315.93 ($38,926.64). This is 2.27% higher than during our cryptolunch yesterday.

Sentiment is also mostly positive for the top 25 crypto coins. There are some red numbers though. The heaviest loss is for Ripple (XRP), which is losing 2.12% in 24 hours. The most gains of the day so far are at +3.80% for FTX Token (FTT). On the Tradencrypto.com site you can analyze all live crypto prices 24 hours a day.

Correlation Bitcoin with gold and silver decreases

One of the properties attributed to Bitcoin (BTC) is that of digital gold. The correlation between the gold price and the Bitcoin price does not currently reflect this. We see from on-chain metrics from IntoTheBlock that the correlation with gold and silver is at its lowest point in 7 months. We also see that the returns on gold and silver are currently better. The question that then arises is with which investments does Bitcoin seek correlation. We see this in the chart below.

Correlation Bitcoin investments

The blue line of the Bitcoin price thus runs rather in pattern with the oil price (black line). In particular, late in the year, we see the prices of (gold) and (silver) showing less and less correlation.

BTC fans go on the attack

We can see that tempers are tense in the crypto world. First of all, Thailand is coming up with a striking measure. Namely, they want to open a crypto gateway for Russians who reside in Thailand, but may not be able to make payments due to sanctions, so that they can officially pay with crypto coins in Thailand. Thailand is also considering connecting to SWIFT’s Russian counterpart, Mir.

China also wants to accommodate Russia by giving them access to the UnionPay payment system. This will allow Russians to do business in 180 countries. The question, of course, is what does this mean for the impact of sanctions issued by the West and pressure on crypto companies.

Tempers are also running high in the crypto world. Bitcoin advocate Peter McCormack opened up in a series of Tweets attacking Cardano (ADA).

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Cardano is objectively a shitcoin.

– Peter McCormack ☠ (@PeterMcCormack) March 7, 2022

These bold claims caused a huge reaction among the Cardano (ADA) community, who posted all sorts of arguments to the contrary under his Tweet.

Criticism that Cardano (ADA) actually has few user cases and lags behind in hosting dApp and NFT projects is more common, but proponents point especially to developments in Africa, where Cardano serves as a payment system for those people who don’t have bank accounts. After 20 hours, McCormack responded by saying “just kidding” and wished the Cardano community good luck with their projects, but the animosity did not subside as a result. Still, investors are not yet getting behind the coin en masse. The live Cardano (ADA) price is $0.811, down 0.49% from yesterday.

Investors are looking at these key quotes for Bitcoin

After Bitcoin’s strong gains last week and the correction that followed, investors are naturally looking for signals that should indicate whether Bitcoin (BTC) is bullish, with the correction being a logical intermediate step, or whether to get ready for a new bear market and perhaps even a new cryptowinter. For this purpose, the following key quotes are currently important.

Analysts are currently taking into account high volatility and see price fluctuations of up to + and – 50% as within the historical range. They therefore assume a consolidation scenario, with Bitcoin continuing to move in wide ranges. According to Morgan Stanley, a true bear or bull trend only occurs when prices fall below $28,000 or rise above $45,000.

We will of course continue to follow developments.

Want to stay up to date on the latest stock price developments?

You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay informed in real time. Are you interested in other investments besides crypto? Then our weekly Monday morning price forecast might be a reading tip. “Please note: We never give financial advice, so our contributions can’t be interpreted that way either. Always do your own research and decide on rational grounds if, when, what and how much you want to invest in.”