Bitcoin Consolidation Continues on Low Trading Volume, Celsius Recovers 30% Weekly
A day later, Bitcoin continued to hover around $23,000 without any decisive move.
The weekend was also pretty quiet for altcoins. Most are slightly in the red on a daily scale, with Avalanche being a few exceptions.
Bitcoin Consolidation Continues
The cryptocurrency market was markedly more volatile over the weekend. For example, Bitcoin broke above $24,600, setting a six-week high. The latest rate hike by the Federal Reserve and President Biden’s refusal to admit that the country has slipped into a recession drove prices soaring.
However, the strength of the bulls weakened in the following days. BTC has dipped below $23,000 several times, the lowest of which was $22,500 on Aug. 4.
However, it bounced back and even tried $24,000 not long after but failed there. As a result, it fell back to $23,000 and spent most of the next few days at that time.The reason for this lack of substantial price movement is the lack of high Trading volume.
As a result, BTC’s market cap has been below $450 billion and its dominance remains at 40.4%.
Altcoins are also calm
Surprisingly, altcoins are also fairly quiet on a daily scale. Ethereum was one of the top performers yesterday, surging to multi-week highs above $1,700. However, the second-largest cryptocurrency is now back below that level after falling 2%.
Most other large-cap stocks also had small daily losses. Binance Coin, Ripple, Cardano, Solana, Polkadot and Dogecoin are all in the red right now.
Avalanche is the only green altcoin. It rose nearly 3% to $26.
Interestingly, Celsius is up 6% daily and over 30% weekly. As a result, CEL is trading above $1.3.
The cumulative market capitalization of all cryptoassets remains at just under $1.1 trillion.
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