Market Watch: Trading Volume at Monthly Lows as Bitcoin Stalls Amid $21K
Jordan Lyanchev - CryptoPotato
This weekend resembles quite a lot the previous one as there are little-to-no substantial movements in the crypto market. Bitcoin has stalled around $21,000, while most altcoins are just slightly in the red as the trading volume has plummeted to a monthly low.
Bitcoin Sits Tight at $21K
As last weekend was coming to its end, including Monday, which was the national US holiday, the primary cryptocurrency went on the offensive and spiked to $20,000. It took a few attempts, but it finally broke above that level and kept charting new heights in the following days.
Thursday saw the most significant price increase as BTC jumped to just shy of $22,500. This became the asset’s highest price level since mid-June.
The bulls were expecting another leg up at this point but failed and bitcoin retraced by a few hundred dollars. Yesterday it dipped below $22,000 and now sits just over $21,000.
It’s worth noting, though, that the overall trading volume slumped yesterday to its lowest levels in just over a month, according to Bitcoinity.
Despite the minor daily retracement, BTC’s market cap still stands above $400 billion, and its dominance over the altcoins is just over 43%.
BTCUSD. Source: TradingView
Altcoins Stand Still
Typically known for their higher levels of volatility, the altcoins have performed rather unexpectedly in the past few days with little-to-no movements.
Ethereum has lost around 3% of value in the past day and has dipped below $1,200. Just a few days ago, the asset charted a multi-week high at well over $1,250.
BNB, Solana, and Polkadot are down by similar percentages in a day to under $240, below $40, and $7.1, respectively.
Ripple, Cardano, Dogecoin, Tron, and Avalanche are also slightly in the red, while Shiba Inu is up by just over 1%. Litecoin has gained the most from the larger-cap alts with a 4% increase.
The cumulative market cap of all crypto assets is at almost the same level as yesterday, just under $950 billion.
Cryptocurrency Market Overview. Source: Quantify Crypto
View full text