Market Wrap: Bitcoin Falls to $18.1K as Correlation to Ether Picks Up

Source: Shuai Hao/CoinDesk Research However, the narrative that bitcoin serves an important purpose in uncertain times still holds for a large swath of the market. Ether (ETH), the second-largest cryptocurrency by market capitalization, was down Tuesday, trading around $596 and slipping 2% in 24 hours as of 21:15 UTC (4:15 p.m. ET).

Source: TradingView The correlation between bitcoin and ether is also trending upward, though is lower than it was after the March market meltdown. While bitcoin’s “store of value” narrative continues to be a strong signal coming from industry analysts, the “programmable money” thesis of Ethereum doesn’t seem to be making the market asset perform based on its own fundamentals – yet.

Timeline of Ethereum, Ultracoin