Bitcoin Stays Below $26K, Ether Above $1600
By Laxmikant khanvilkar
The market has been relatively calm throughout the past seven days, and it failed to deliver any substantial increase or decrease in most of the cryptocurrencies, including Bitcoin.
Bitcoin showed some signs of stirring from its September stupor late on Thursday, rising around 3% to $26,400, before dropping back below $26,000. Ether, the second largest cryptocurrency, was trading above $1600.
Bitcoin has mostly languished below $26,000 this month as traders awaited clarity around the big regulatory hotspots, such as the SEC’s decision on the listing of a spot bitcoin ETF in the U.S. September is a difficult month for bitcoin, which has posted negative returns every year since 2016. So far, 2023 looks so far to be no exception.
The same is true for most of the cryptocurrencies, all of which chart either very slight increases or decreases within the past seven days, all in the range between -2% and +2%, with no exceptions from the top 20.
With US holidays happening and the beginning of September generally being a time when a lot of people are still on vacation away from work, there haven’t been any major developments. In some more notable headlines, Ripple pushed for an important update that would see the integration of two major features on its network. It has to pass approval by the validating community, though, which is a relatively long process.
All in all, the market is searching for a direction.
The global crypto market cap is $1.04T, a 0.14% decrease over the last day. The total crypto market volume over the last 24 hours is $27.68B, which makes a 35.65% increase. The total volume in DeFi is currently $2.52B, 9.11% of the total crypto market 24-hour volume. The volume of all stable coins is now $25.93B, which is 93.69% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 48.30%, a decrease of 0.00% over the day.
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