Bitcoin (BTC) Dropped Below $5,700 Today Due To Stock Market Downtrend

Earlier today, Bitcoin (BTC) plunged below $5,700, and it traded at $5,692. Luckily for the Bitcoin (BTC) enthusiasts, the BTC managed to recover and is now trading above the $5,700 mark, but it’s still dropping in percentage as over the past 24 hours.

On the other hand, the Ethereum (ETH) keeps its position as the second-most-largest cryptocurrency by market capitalization, according to CoinMarketCap. And, indeed, ETH is surging at the moment, experiencing an increase of 7.29%, and it reached above $174.

Even more, the third crypto, XRP (XRP), totals a market capitalization of $12,719,836,467, and the XRP is now trading at $0.303.

However, Bitcoin (BTC) remains the most popular and traded cryptocurrency on the market with a market cap of $101,233,527,934. But, the BTC situation is far from settled, as the leading cryptocurrency on the market is way below its maximum of about $20,000 reached in December 2017. Today, for instance, the stock market downtrend also pulled Bitcoin (BTC) back to below $5,700 to approximately $5,692.

Bitcoin (BTC) Dropped Below $5,700 Today Due To Stock Market Downtrend

At the moment of the writing, Bitcoin (BTC) dropped by about 0.30% over the past 24 hours, and it trades at $5,757. On the other hand, at the time of press, Ethereum (ETH) surged by 7.29% and cemented its second position in the cryptocurrency market, by market cap, against the XRP (XRP) which trades at $0.303.

us stock market - Bitcoin (BTC) Dropped Below $5,700 Today Due To Stock Market Downtrend

Back to Bitcoin (BTC), now, the leading cryptocurrency in the market experienced a drop related to the US stock market downtrend, as the S&P 500 plunged by 1.56% and the Nasdaq went down by 2.15%. However, the CBOE Volatility Index, known as VIX in short, gained about 5% today.

Also noteworthy, big oil futures and indexes experienced drops on today, May 6th, as WTI Crude dropped by 0.69%, Brent Crude by 0.24%, and Mars US went up by 0.34%. Moreover, the OPEC Basket plunged by 1.42% and the Canadian Crude Index dropped by  2.17%, as reported by OilPrices.

In conclusion, Bitcoin (BTC) dropped today below the $5,700 mark, but it managed to recover at $5,757 at the writing time, but it’s still below the price it achieved yesterday by 0.21%.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

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