Bitcoin continues to fail to produce any significant price movements in either direction and has remained stuck around the $21,000 level.
The alternative coins are also untypically stable on a daily scale, with Bitcoin Cash emerging as one of the few exceptions.
Bitcoin Stalls at $21K
Last week’s extreme volatility, which pushed bitcoin south by over $4,000 in a matter of days, has not been replicated this week, at least for now.
The last substantial price movement came during the weekend when BTC plummeted to a three-week low of $20,800 (on Bitstamp).
It reacted well to this dip and quickly reclaimed the $21,000 level. Since then, the asset has remained relatively still around that line with a few minor price pumps and dumps that were halted immediately. As of now, it stands at just over $21,000, and its market cap is still above $400 billion.
BTCUSD. Source: TradingView
While several crypto exchanges complained that the demand for their services declined after the summer crash, DBS said the BTC volume on its digital platform skyrocketed 4-fold.
Bitcoin MVR Tripple Ribbon (consisting of 3MAs) suggested that the cryptocurrency’s adverse price movements could continue in the following few weeks.
BCH Emerges on Top
Somewhat surprisingly, most alternative coins have failed to produce large price swings as well in the past 24 hours.
Ethereum was quite volatile until recently. The hype surrounding the upcoming Merge had pushed the asset to a multi-month high of over $2,050 about ten days ago. ETH lost over $500 in the following week or so but now stands above $1,600 after a minor daily increase.
Ripple, Polkadot, Shiba Inu, and Avalanche are also slightly in the green now. In contrast, Binance Coin, Cardano, Solana, Dogecoin, and Polygon have charted insignificant losses.
Bitcoin Cash stands out as the most substantial gainer from the mid-cap alts, with a 7% increase to $135.
The overall crypto market cap has managed to defend the $1 trillion level.
Cryptocurrency Market Overview. Source: Quantify Crypto
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