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Altcoins rebound strongly: Bitcoin traders still undecided



 The price action between the crypto market and the traditional financial markets remains quite similar on May 10th. All markets saw a small recovery after the May 9 plunge that saw Bitcoin ( BTC ) briefly drop to $29,730.


Market dips usually result in larger losses for altcoins. It is related to a number of factors, such as under-traded assets and low liquidity. However, this also leads to larger jumps as soon as there is a recovery.

Several projects posted double-digit gains as of May 10. Maker (MKR), the protocol behind the stablecoin DAI ( DAI ), is up about 15.75 percent. The project was probably able to benefit from the situation surrounding Terra ( LUNA ) and its stablecoin TerraUSD (UST).


Persistence (XPRT) and its liquid staking token pSTAKE (PSTAKE) also posted gains of 16.4 percent and 39.8 percent, respectively, after Binance Labs announced a strategic investment in the same platform. This makes the project one of the big winners. Polygon ( MATIC ) also posted an increase of 14.59 percent .


Correlation with traditional markets remains

Although it is often believed that the crypto market is a hedge against the volatility of traditional finance, the correlation between Bitcoin and the stock market remains very strong in 2022.


There is currently volatility not only in the cryptocurrency market, but also in the traditional markets. This is shown very clearly by the price action of the Dow Jones Industrial Average on May 10, which is up over 500 points and back down as of press time.


The Nasdaq and S&P 500 fared slightly better, posting gains of 0.9 percent and 1.92 percent, respectively.


Bitcoin analyst Willy Woo has once again emphasized the correlation between cryptocurrencies and traditional markets. He posted the chart below, commenting, "Fundamentals are becoming less important and trading is now driven only by fear".


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