Bitcoin Volatility: Calm Below $26,000
Yesterday, Bitcoin experienced some volatility, including a $600 price swing, but it has once again settled below the $26,000 mark. Despite this, alternative coins like ETH, BNB, XRP, ADA, and others have shown unusual stability with little to no movement.
Increase in BTC Addresses in Loss
Bitcoin had a rollercoaster ride over a week ago, surging by over $2,000 in just a few hours after Grayscale’s win against the SEC. However, it quickly lost momentum and dropped even further to $25,350. Although it recovered slightly and almost reached $26,000 over the weekend, its price has remained stagnant. Data from Glassnode reveals a 7-month peak in the number of BTC addresses in loss.
Quiet Alts Market
Most larger-cap altcoins have shown little price movement in the past day. Assets like ETH, BNB, TRX, DOT, MATIC, and LTC have seen minor gains, while XRP, ADA, DOGE, and SOL have experienced slight losses. Among the top 20 altcoins, TONCOIN has seen the most significant gain, surging by 5% and surpassing $1.8. However, the overall market cap of all cryptocurrencies remains relatively unchanged at under $1.050 trillion.
Hot Take
Despite the recent volatility in Bitcoin and the quietness in the altcoin market, the overall crypto market seems to be in a state of stability. While Bitcoin’s price remains uncertain, the increase in addresses in loss suggests some potential bearish sentiment. It will be interesting to see if altcoins can break free from their current lack of movement and if Bitcoin can regain its momentum.
By
By
By
By
