Internet Computer’s ICP token pared Thursday’s gains and declined by 10% over the past 24 hours, compared with BTC’s flat performance over the same period.
Sentiment among crypto traders remains bearish, evidenced by a downtick in the bitcoin Fear & Greed Index over the past few days.
In traditional markets, the S&P 500 and Nasdaq declined on Friday as the 10-year Treasury yield ticked higher.
It is possible that we see a short-term bounce from these oversold levels,” QCP Capital, a Singapore-based crypto trading firm wrote in a Friday report.
Typically, during down markets altcoins decline by more than bitcoin because of their greater risk profile.
An increase in the dominance ratio toward 50% could offer some relief for altcoins relative to BTC, albeit within the context of a confirmed bearish cycle for cryptocurrencies.
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