Much of last week’s bitcoin (BTC) discussion revolved around the historically low volatility of the world’s largest cryptocurrency.
It’s safe to say that when reviewing trading performance over the weekend, very little is likely to change in the short term.
BTC/USDT limped along the US$29,000 support line, briefly dipping lower but generally keeping its head above.
On Saturday, the pair closed 0.1% lower at US$29,072 while Sunday saw a few dollars added to US$29,088.
Bitcoin has not moved much in this morning’s Asia trading window, with the BTC/USDT pair swapping for US$29,027 at the time of writing.
Bitcoin’s weekend fizzer – Source: currency.com
This lack of volatility is failing to encourage price discovery among traders, leading to depressed trading volumes in the major cryptocurrency exchanges.
Underscoring the firm ‘meh’ in the bitcoin market right now, The Bitcoin Fear & Greed Index has fallen to a flat 50, square in the neutral zone.
On the upside, bitcoin dominance – a measure of its market capitalisation against the entire cryptocurrency space – has remained steadily above 50% for four days, after trending lower for the better part of three weeks.
On the Ethereum (ETH) front, the world’s second-largest cryptocurrency stayed well within the US$1,820 to US$1,840 range over the weekend, with the ETH/USDT pair swapping for US$1,835 on the spot market at the time of writing.
In the altcoin space, the Shiba Inu (SHIB) meme coin remains the only large cap showing any positive price action of substance.
SHIB is currently around 10% higher week on week compared to -1.2% for bitcoin and -1.7% for ether.
Premier meme coin Dogecoin (DOGE) has not fared so well, falling 5% over the past seven days.
Cardano (ADA), Solana (SOL), Polygon (MATIC) and Polkadot (DOT) have also fallen in the mid-single digits.
But Ripple (XRP) is easily the worst performer among the blue-chip altcoins, with 13.5% carved out of its market cap in the past week, in a sign of mass profit-taking following the token’s weighty rally after a perceived partial victory in its long-running dispute with the US Securities and Exchange Commission (SEC).
Read more on Proactive Investors AU
