Bitcoin Trading Sideways
Bitcoin continues to trade sideways, with no significant deviation from the range between $29,000 and $29,500 in the past 24 hours. This lack of movement is also reflected in most altcoins, except for RUNE and TON.
BTC’s Boring Week
Bitcoin has experienced a rather uneventful few weeks, with less volatility compared to its usual nature. Although it briefly dipped below $29,000 last Monday, it quickly rebounded and surpassed $30,000 by Wednesday.
Stagnant Market
Despite expectations of increased volatility due to the US CPI numbers, Bitcoin remained just below $30,000 and saw little movement. The following days were also stagnant, with Bitcoin remaining within the $29,000 to $29,500 range. The weekend, known for lower trading volumes, did not provide any significant changes.
Market Cap and Dominance
Bitcoin’s market cap remains around $570 billion, and its dominance over altcoins stands at just under 49% on CMC.
Hot Take
The lack of significant movement in Bitcoin and most altcoins suggests a period of consolidation and stability in the market. While this may be unexciting for some traders, it also provides an opportunity for investors to assess and strategize their positions. Keep an eye out for any potential catalysts that could break this stagnant trend.
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