Crypto Market Retreats Amid Strong Stocks

The crypto market has retreated to its lower end of consolidation after failing to build on early gains in the first week of the month.

This pattern repeats what was seen in June and July when bullish attempts faded, with the theory of an inverse correlation between cryptocurrencies and traditional stocks once again confirmed.

The S&P 500 and Russell 2000 have reached new record highs as buyers focus on the broader market, marking a rotation away from tech stocks towards more traditional sectors.

Cosmos surged over 10% in the past day, while Aptos, Bitcoin Cash, and NEAR Protocol declined by 4.7%, 4.5%, and 4.4% respectively.