Bitcoin fell back below $40,000 Thursday morning, retracing yesterday’s gains, as S&P and Nasdaq slipped in the early trading hours.
Ether and other major cryptocurrencies have also entered the red territory. The broader digital assets market is down 2.26% to $1.83 trillion at the time of publication.
Marcello Mari, CEO of the crypto investment platform SingularityDAO, sees the market as range-bound for now as cryptocurrencies continue to remain highly correlated with each other and the larger macroeconomic landscape. “Until there is a significant catalyst which is just related to crypto, I don’t see them moving independently,” he said. Subscribe to the Forbes CryptoAsset & Blockchain Advisor to read this and other takes and stay ahead of the curve.
Leaders and Laggards: Featuring the best and worst-performing assets of the past 24 hours among the 85 largest cryptocurrencies by market capitalization tracked by Forbes. For more information, read this quick Forbes Digital Assets guide.
Leading the pack of digital assets listed on Forbes is zilliqa, the token powering a blockchain project best known for its early implementation of sharding, a technology that splits the platform’s infrastructure into several interconnected networks to support more transactions. The cryptocurrency has surged 12.36% over the past 24 hours and is currently trading at $0.12. The rally seems to be gaining speed ahead of Zilliqa’s announcement of its vision for the remainder of the year and beyond, scheduled for this afternoon.
Elon Musk’s favorite cryptocurrency dogecoin has posted modest gains of 2.4% but is still ahead of most tokens today. The meme coin spiked following Musk’s Thursday offer to buy Twitter for $43 billion and take it private.
Meanwhile, dogecoin’s competitor shiba inu is lagging behind, having shed 1.97% over the past day. Earlier this week, SHIB rallied more than 20% after Robinhood listed the asset on its platform.