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Crypto Market Braces for Storm as Stocks Tumble, Prominent Trader Warns
Generated by AI AgentCoin World
Saturday, Feb 8, 2025 5:21 am ET1min read
The crypto market could be in for a rough ride if the benchmark stock index retreats, according to a prominent crypto trader. Justin Bennett, a closely followed analyst with over 115,000 followers on the social media platform X, has warned that the crypto market may correct deeper as stocks tumble.
In a recent thread, Bennett noted that the S&P 500 was getting rejected from range highs on Friday, and the most likely path seemed to be a move back to the 5,877 region. This could potentially drag crypto prices down with it, and considering where Ethereum is trading, Bennett advised his followers to pay close attention to the market.
Bennett also believes that Bitcoin (BTC) will continue to outperform altcoins based on the Bitcoin dominance (BTC.D) metric. Currently, BTC.D stands at 61.92%, indicating that Bitcoin accounts for a significant portion of the crypto market cap. Bennett expects BTC.D to trend toward 72% in the coming months, suggesting that Bitcoin could continue to dominate the crypto market.
Looking ahead, Bennett predicts that both BTC and Ethereum (ETH) will likely trade sideways in the near term with a bearish bias. This is in response to US President Donald Trump's latest comments on trade tariffs, which have caused market volatility. At the time of writing, Bitcoin is trading for $96,715, flat on the day, while ETH is trading for $2,637, down 2.5% in the last 24 hours.
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