After weeks of mostly positive momentum cryptocurrencies fell on Friday, mirroring wider stock markets as Bitcoin failed to break past the key resistance level.
The king of digital currencies eased 4.8% lower to US$44,854, while its closest rival by market value slipped 3.9% lower to US$3,266.
A Bitcoin rally was very much on the agenda, according to industry experts, if the price were to advance past US$50,000.
Naeem Aslam, Avatrade chief market analyst, said: “Bitcoin has developed a strong correlation with the stock market, and when the stock market moves higher, we also begin to see more birds coming for the Bitcoin price.
“In the absence of a risk-on rally, Bitcoin’s price begins to move lower.”
Meanwhile, much of the market followed in their bigger cousin’s footsteps as the sourness of the cryptos was widespread.
Most notably, Cardano, Terra and Avalanche dropped 6.0%, 4.9% and 5.3% respectively.
Outside of the top 10, doggy meme-coins Dogecoin and Shiba Inu tumbled 7.1% and 8.9%, while Internet Computer and Filecoin both gave up 10%.
Overall, 91 of the leading 100 digital currencies were trading in negative territory on Friday morning.
Waves and Stepn GMT stood out as the biggest trend-breakers – climbing 10% and 49% respectively.