Cryptocurrencies were mixed early Tuesday morning with Bitcoin higher, but rivals Ethereum and Dogecoin both logging losses.
Bitcoin was trading near $36,200 (+2.86%), while Ethereum and Dogecoin were lower, trading near $2,385 (-0.85%) and 13.3 cents (-1.37%), respectively, Coindesk reported.
Bitcoin’s price rose by as much as $1,834 on a four-hour basis during Monday trading hours. The overall crypto market stabilized after the broad market correction downward in the past week.
While bitcoin and the crypto market appeared to be following the performance of the stock market recently, as CoinDesk reported, the relationship between bitcoin and the Nasdaq 100 stock index, the favored proxy for the tech sector, remains weak – a reminder there are other more important factors that could affect bitcoin and the crypto market.
In other cryptocurrency news, cryptocurrencies have extended a selloff to start the year because of expectations that the central bank will raise interest rates as early as March.
Bitcoin, the largest cryptocurrency, is down about 13% for the year thus far. Those losses, Coindesk reported, have spilled over to publicly traded crypto companies. Coinbase Global Inc. is down 12% through Jan. 20 and Marathon Digital Holdings Inc. is down 21% during that same period.