Bitcoin (BTC) remains stubbornly flat in the second half of the week, having stayed squarely within the 23k to 24k range for five days straight.
Low volumes are keeping volatility at historic lows, running at around 60% on a year-on-year comparison.
While yesterday’s session closed around 2% in the green, a 1.3% daily dip has sent the benchmark cryptoasset down to US$23,300.
Binance’s order book shows support at US$22,900 and resistance at US$24,000, which more or less sets the stage for a continued sideways trade in the short term.
Sorry day traders, congratulations HODLers!
My kingdom for some bitcoin volatility – Source: currency.com
Things look concerning for cryptocurrency bank Silvergate Capital Corp, which plunged over 40% on the New York Stock Exchange after the bank said mounting losses are calling into question its ability to continue “as a going concern”.
While investors speculate on the next big crypto company going bust, bitcoin itself seems immune to the bad press.
Perhaps the market is battle-hardened after taking its licks over the past 12 months.
Ethereum swung from a Wednesday high of US$1,670 to a Thursday low of US$1,620 on the ETH/USDT pair, but buyers’ support at US$1,600 could help to stem further losses.
Business as usual in the altcoin space
Few surprises greet us in the top-20 set, with the likes of Ripple (XRP), Cardano (ADA), Dogecoin (DOGE) and Solana (SOL) posting low-single-digital losses overnight.
Polygon (MATIC) and Polkadot (DOT) remain the worst week-on-week performers in the top-20 set, dipping 12.5% and 13.5% respectively.
Threshold (T) and XDC Network (XDC) pulled ahead of the market by posting overnight gains of 9% and 5% respectively.
The worst performers among the top-100 set are ImmutableX (IMX) and Klaytn (KLAY), both having lost around 10% of the market capitalisations n the past 24 hours.
Global cryptocurrency market cap fell 2% to US$1.06tn while total value locked in the decentralised finance (DeFi) space fell below US$50bn once again.
