Bitcoin Stagnant at $33K: Another Volatile Weekend Incoming? (Market Watch)
After losing more than $2,000 of value in a day, bitcoin has calmed around $33,000. Most alternative coins are also untypically calm since yesterday. However, over the past few weekends, we saw serious volatility, which could reach the market once more in the following hours.
Bitcoin Stagnant Around $33K
The primary cryptocurrency has struggled in the past few days after reaching a 12-day high of $36,600 on Tuesday. The bears regained control at that point and reversed BTC’s price trajectory for the following 72 hours.
Bitcoin firstly dipped beneath $35,000 and, despite a brief attempt to regain some of its losses, kept decreasing in value. This culminated yesterday when the cryptocurrency fell by another 5% to its lowest position in five days of $32,600.
The asset bounced off since then and reclaimed $33,000 where it’s situated now as well. However, the past several weekends all started with adverse price movements, which is why there’re worries that the scenario might repeat itself and BTC could lose another sizeable chunk of value.
BTCUSD. Source: TradingView
The situation with the alternative coins is relatively similar as well. Most were riding higher at the start of the workweek, followed by retracements, and are now untypically calm.
Ethereum jump to well above $2,250 on Tuesday but failed to continue upwards. Just the opposite, the second-largest cryptocurrency lost $200 since then as currently stands at $2,060.
Binance Coin (-1%), Cardano (-0.5%), Ripple (-1.5%), Polkadot (-2%), Bitcoin Cash (-1%), Litecoin (-2%), and Solana (-1.5%) have all marked minor losses as well. Uniswap has dumped the most from the larger cap altcoins with a 3.7% increase.
Dogecoin is the only one in green from the top ten with a slight jump of 1%.
A bit more fluctuations come from the lower- and mid-cap altcoins, with Celo (16%) and XinFin Network (13%) leading with the most gains.
In contrast, 0x (-7.5%), UMA (-7.5%), THETA (-7%), Maker (-7%), Telcoin (-7%), Horizen (-6%), and Aave (-6%) have lost the most on a 24-hour scale.
Ultimately, the cumulative market capitalization has lost some ground since yesterday and currently sits around $1.350 trillion.