Bitcoin price almost stable as trading volume drops, CEL cryptocurrency jumps 30%
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Answer Bitcoin price almost stable as trading volume drops, CEL cryptocurrency jumps 30%
Bitcoin daily trading volume has dropped to monthly lows as Bitcoin and most altcoins are quiet at the moment.
Bitcoin continues to move and fluctuate around the $23,000 level, yet another day without any decisive moves in either direction.
Weekends are very quiet for altcoins too.
Currently most altcoins are in red on a daily scale, with the exception of AVAX cryptocurrency which is among the few exceptions.
Bitcoin is almost stable at the level of 23 thousand dollars:
Last weekend was significantly more volatile than the current one for the cryptocurrency market.
For example, at the end of last week Bitcoin jumped above $24,600, its highest level in six weeks.Read:The “Audius” crypto project hack caused a drop in the price of the digital currency “AUDIO”…Details here
This rate hike was driven by the recent interest rate hike by the US Federal Reserve and President Biden’s refusal to acknowledge that the country had entered a recession.
Then the strength of the bulls weakened in the following days.
Bitcoin price has fallen below $23,000 on several occasions, and the low was recorded on August 4th at $22,500.
Then the price of Bitcoin rebounded and tried to rise above the $24,000 level shortly after but failed to do so.
Bitcoin then bounced back to $23,000 and spent most of the next few days around that level.
This lack of significant price action comes amid tight trading volumes.
Altcoins follow the calm of Bitcoin:
Somewhat unexpectedly, altcoins are also quiet on a daily scale.
Ethereum was among the best performing cryptocurrencies yesterday as it surged to a multi-week high above $1700.
Now, the second largest cryptocurrency is back below this level, after a 2% drop.
The same is true for most other alternative digital currencies, which decreased slightly between 0-2%.Read:In a week … spending a million dollars to buy virtual land and real estate based on the blockchain
It is interesting that the digital currency CEL gained 6% in one day and more than 30% in a week.
As a result, the CEL cryptocurrency is currently trading at over $1.3.
The total market capitalization of digital currencies is quiet at $1.08 trillion.
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