Bitcoin Stagnates at $40,000
Bitcoin has been trading sideways around the $40,000 mark without any significant movements in the past 24 hours. The same can be said for alternative coins, with only a few gainers such as OKB, NEAR, and OP.
BTC Faces Enhanced Volatility
A couple of weeks ago, the SEC approved spot Bitcoin ETFs for the US markets, leading to increased volatility in the primary cryptocurrency. However, the landscape changed when the weekend arrived, and BTC remained uneventful for the next week or so.
Last weekend, Bitcoin started moving again but in the wrong direction. It dropped to a multi-month low of $38,500 before bouncing back to $40,000. Since then, there have been no significant price movements.
Alts Remain Quiet
Unlike their usual volatile nature, alternative coins have been quiet in recent days, including the last 24 hours. Some minor gains were seen in BNB, SOL, XRP, ADA, DOGE, and LINK. Avalanche and Tron experienced the most significant jumps among alts with around a 3% increase.
ETH, DOT, and TON experienced insignificant losses during the same timeframe. The biggest price increases were seen in OP, OKB, and NEAR with jumps between 8% and 9%. OP is now above $3, OKB is over $50, and NEAR is close to $2.9.
Total Crypto Market Cap Maintains Position
The total crypto market cap remains over $1.550 trillion on CMC without any major changes from yesterday’s figures.
Hot Take: Bitcoin Continues Sideways Trading at $40,000
Bitcoin has failed to make any significant moves in the past 24 hours and continues to trade sideways at the $40,000 mark. The alternative coins also remain relatively quiet, with only a few notable gainers. While Bitcoin experienced enhanced volatility a couple of weeks ago, it has since stagnated and struggled to break out of its current range. The overall crypto market cap has maintained its position, indicating a lack of significant market-wide movements. As investors await further developments, the market remains uncertain and in need of a catalyst to trigger substantial price action.
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