Bitcoin started Tuesday morning by moving sideways, as the coin traded at $16,134.
According to cryptocurrency price tracking website CoinMarketCap, over the past 24 hours, bitcoin's highest price was $16,246, while its lowest was $15,599.
At the same time, on Monday, bearish sentiment prevailed in the cryptocurrency market and BTC updated weekly lows below $16,000.
Experts believe that bitcoin fell mainly due to the decline in U.S. stock indices on Monday. The S&P 500 index fell by 0.39%, the NASDAQ Composite fell by 1.09%, and the Dow Jones Industrial Average fell by 0.13%.
Since the beginning of 2022 analysts increasingly began to emphasize the high level of correlation between the U.S. securities market and virtual assets amid tense expectations of both of the consequences of the geopolitical conflict in eastern Europe and the further steps of the U.S. Federal Reserve.
Earlier, Arcane Research analysts already stated that bitcoin's correlation to tech stocks has climbed to highs not seen since July 2020.
In addition, economists of analytical platform TradingView said that the correlation of the cryptocurrency market with the U.S. stock market in the past quarter reached 70%.
Altcoin market
Ethereum, bitcoin's main competitor, also started Tuesday with sideways movement. The coin was trading at $1,128.
As for cryptocurrencies from the top 10 by capitalization, Polygon (+2.32%) had the best results, while Ethereum (-1.43%) had the worst.
According to last week's results, Polygon coin (-13.99%) topped the list of the top ten strongest digital assets.
According to CoinGecko, the world's largest aggregator of data on virtual assets, in the last 24 hours the Huobi Token (+11.13%) was in first place among the top 100 most capitalized digital assets in terms of growth, while the UNUS SED LEO (-13.91%) coin had the worst results.
According to the results of the past week, the digital asset NEAR Protocol (-21.46%) showed the worst results among the top hundred of the strongest digital assets, while Litecoin (+7.63%) showed the best results.
According to CoinGecko, as of Tuesday morning, the global cryptocurrency market cap failed to settle above the important key level of $850 billion and stands at $834.845 billion.
Since November 2021, when the total market capitalization of cryptocurrencies exceeded the $3 trillion level, it has more than tripled.
