Last updated on August 8, 2023
The weekend has arrived, and it seems like a quiet one for the cryptocurrency market. Most major cryptocurrencies are showing minimal changes in their prices compared to 24 hours ago. Let’s dive into the details.
Bitcoin, in particular, has been experiencing a period of stability, trading around the $29,000 mark for the past week. This is quite unusual for a volatile cryptocurrency like BTC. In fact, Bitcoin’s volatility has decreased, with a 5-day weighted average showing it to be less volatile than gold.
Looking at a 1-hour chart, it’s clear that Bitcoin’s price is stagnant at $29K. However, these calm periods often precede significant movements, so it will be interesting to see which direction BTC takes when it eventually breaks out.
Altcoins are also experiencing a lack of volume. The total traded volume in the entire cryptocurrency industry over the past 24 hours is around $23 billion, according to CoinGecko. Despite the low volume, the market is showing slight upward momentum, as seen in the heatmap provided.
Among the major coins, Shiba Inu (SHIB) stands out with gains of over 5% and remains the top performer in terms of total market cap. SHIB’s weekly gains have now surpassed 12%, which is notable considering the overall stagnation in the market.
In the top 100 coins, FLEX Coin leads with 14% gains, followed by GALA with 8.7% and ApeCoin (APE) with 8%.
As the weekend unfolds, we’ll continue to monitor the market and see if any major moves occur.
#Bitcoin #cryptocurrency #marketwatch #ShibaInu #BTC #altcoins #volatility #trading #cryptoindustry #FLEXCoin #GALA #ApeCoin
Keyphrase: Bitcoin price stability and Shiba Inu (SHIB) gains
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