Bitcoin Wobbles Near $29K; Stuck In Narrow Range
By Laxmikant Khanvilkar
Leading virtual digital assets (VDA) continue to manoeuvre near flatline with little or no success to break out either side for the lack of important events, announcements. There has been uncharacteristic price movement for over a month now.
Bitcoin (BTC), the largest cryptocurrency by market capitalization, was has stuck in narrow range with prices barely moving a per cent in a day, which is very unusual for the highly volatile asset.
Most recently, the BTC was trading near $29,007.50, down 0.12% over the past 24 hours.
BTC has barely moved out of $29,000 to $29,500 level in the past two weeks and remained immune to outside events that would normally impact prices and weigh on risky assets.
Ether, the second largest crypto in market value, too witnessed a similar pattern. It was recently changing hands at $1,826.50, a 0.48% drop. The smart contact has probably bore the brunt from the liquidation pressure of other altcoins in an aftermath of Curve exploit.
Other cryptos have maintained their downward spiral led by popular meme coin Doge, XRP while ADA, SOL and MATIC, the tokens of smart contracts platforms, Cardano, Solana and Polygon, were struggling to gain momentum.
The global crypto market cap, decreased 0.14% to $1.16 tn, over the last 24-hours. On the other hand, the total crypto market volume increased 2.53% to $20.68 bn. The total volume in DeFi is currently $2.19 bn and all stablecoins $18.98 bn, representing 10.61% and 91.79% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance rose 0.05% to 48.65%.
IC15 index, the barometer of top fifteen tokens, eased 0.1% to 38,290.
Meanwhile, Miami Mayor Francis Suarez announced that he is officially accepting Bitcoin for his presidential campaign donations. In other news, Ilya Lichtenstein admitted to laundering the $4.5B worth of Bitcoin stolen during the 2016 Bitfinex attack; his wife, Heather Morgan, also pleaded guilty.
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