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8 August 2022
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Bitcoin Stuck at $19K as Crypto Markets Stagnate (Market Watch)

The cryptocurrency markets are untypically stable lately and the past 24 hours failed to return any volatility.

Bitcoin continued to trade sideways and was stopped before coming close to challenging $20,000. The altcoins are in a similar position, with very few notable movements in either direction.

Bitcoin Stuck Below $20K

Last last week, which was also the end of BTC’s horrific Q2, delivered a lot more volatility than the past several days. At the time, the cryptocurrency was sliding hard and dropped to a 10-day low of under $18,800.

However, the bulls briefly took control over the market at this point and pushed the asset north. In a matter of minutes, bitcoin found itself trading almost $2,000 higher (close to $21,000).

Nevertheless, the predominantly bearish market sentiment continued, and BTC dropped below $20,000 shortly after. It retraced to around $19,000, where it spent most of the weekend as well.

The only exception came yesterday when BTC spiked to $19,600 but was quickly stopped and is back to a familiar ground now. As such, its market cap is still around $365 billion, and its dominance over the alts is again at 42.2%.

Altcoins Stand Still
Similar to BTC, most of the altcoins are untypically stable and have been so for days. Ethereum, for example, continues to trade at around $1,050. Until the start of the weekend, ETH was close to breaking below $1,000, and before that stood above $1,100.

BNB is still just under $220, ADA is at $0.45, and MATIC is down by 4% on a daily scale. In contrast, Ripple, Solana, Dogecoin, Polkadot, and Shiba Inu have marked insignificant gains.

TRON has surged the most (4.3%) in a day and trades north of $0.065. LEO is up by almost 3% and is close to $6. From the lower- and mid-cap alts, The Sandbox has seen the most impressive increase of 5%.

The cumulative market cap of all crypto assets has also remained stagnant at just over $850 billion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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