Bitcoin Maintain Sideways Grind; Awaiting Fresh Cues
By Laxmikant Khanvilkar
For the much of this week, leading virtual digital assets (VDA) are stuck in sideways grind amid little or no trigger to break the shackles. Rallies were getting sold into quickly even before they get noticed. And, analysts see these trends as a precursor to the next year’s Bitcoin (BTC) halving. Miners using the rally to book profit, they added. This (Friday) morning BTC once seen hovering near $29,500 mark. Earlier this week, it had made a quick dash to $30,000 level on optimism led by PayPal announcement of launching its own stablecoin.
Most recently, the largest cryptocurrency by market capitalization, was trading at $29,446.08, down 0.52%.
Ether, the second largest crypto in market value, retreated lower as well. It was recently changing hands at $1,852.34, a fall of 0.18%.
The market is stuck whilst it awaits new fundamental information, said an analyst.
The global crypto market cap, decreased 0.41% to $1.17 tn, over the last 24-hours. Simultaneously, the total crypto market volume fell 26.86% to $25.96 bn. The total volume in DeFi is currently $2.28 bn and all stablecoins $24.43 bn, representing 8.77% and 94.10% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance reduced 0.04% to 48.77%.
IC15 index, the barometer of top fifteen tokens, eased 0.37% to 38,788.
Meanwhile, the market is awaiting news on spot BTC ETF approval from the SEC. On the other hand, lack of new retail participation in the market is hurting prices.
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