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Bitcoin (BTC-USD) hovered around the breakeven level in Thursday afternoon trading, after testing the highest level seen in 10 months, despite the stock market’s upbeat mood.
The token eked out small gains of 0.2% to $28.23K at 12:33 p.m. ET after briefly surging to as high as $29.1K in recent trading — the highest level since last June. On the other hand, Ethereum (ETH-USD) slipped 0.4% to $1.78K.
The stock market, meantime, changed hands firmly in the green, with the Dow Jones up 0.1%, S&P 500 +0.4% and tech-heavy Nasdaq +0.6%, helped partly by favorable economic data that pointed to a less resilient economy amid the Fed’s inflation-fighting stance.
The two largest coins by market cap (BTC-USD) (ETH-USD) increased markedly in March, a month marked by speculation that peak interest rates are near and bank tumult will ease more. The stock market is also on track to end the tumultuous month higher, but not nearly by the same magnitude as BTC and ETH, as seen in the chart below.
As imagined, most crypto-exposed stocks gapped down at the time of writing. Among the biggest losers were Silvergate (SI), -10.6%, MicroStrategy (MSTR), -2.2%, and Coinbase Global (COIN), -1.4%.
Take a look at the most recent outlooks for the crypto market.
