Bitcoin Consolidates Near $24000
Leading cryptocurrencies or virtual digital assets (VDA) have entered consolidation phase as they remain highly sensitive to macroeconomic conditions and industry-specific events.
Bitcoin (BTC) was recently trading over $24,263, down 1.86% over the past 24 hours and off last Thursday’s high when BTC surpassed $25,000 for the first time since August.
Ether (ETH), the second largest crypto in market value, quoted at $1,672. It added more than 12% over the past week.
Last week, investor optimism trumped concerns about a stablecoin crackdown and tepid Consumer Price Index (CPI) to send bitcoin, ether and most other cryptos soaring.
The global cryptocurrency market capitalization is currently $1.11 tn, a 0.48% decrease from the previous day. The total crypto market volume has seen a notable increase of 30.28%, now standing at $56.88 bn. Of this, DeFi accounts for 11.86% at $6.75 bn, while stablecoins make up the majority of the total with 88.82% at $50.52 bn. Bitcoin’s market dominance has decreased slightly by 0.28%, now standing at 42.29%.
Analysts say the appetite for risky assets might struggle over the short-term, which could support a Bitcoin consolidation as long as a regulatory crackdown does not take down a key stablecoin or crypto company.
They expect lot of money to shift from stablecoins into other types of crypto investments.
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