Why Bitcoin Is So Quiet Today: Low Trading Volume and Volatility
There is little to no trading volume or volatility today, which explains why Bitcoin and most other cryptocurrencies are quiet.
It's been a tough few days for bitcoin. After briefly breaching the $20,000 mark, the asset has been stuck below it, with trading volume remaining relatively light. Some analysts believe that bitcoin may need to consolidate before it can make another attempt at breaking through the $20,000 barrier.
It is quite clear that the altcoin market is not doing too well at the moment. Chainlink is one of the few exceptions, with a 5% increase. However, it is still early to say whether this is a sign of things to come or just a temporary blip.
Bitcoin stalls below $20,000
It seems that the bears are still in control of the market, as they were able to push Bitcoin prices down after it spiked to $22,000. This is a disappointing development for those who were hoping that the cryptocurrency would make a comeback, but it appears that the market is still not ready for a major rally.
It is clear that BTC is in a bear market, and it is possible that it will drop below $20,000 in the near future. This would be a devastating blow to the cryptocurrency, and it is unclear if it would be able to recover.
It's been a tough few weeks for bitcoin. The cryptocurrency found itself trading below $20,000 for the first time in over a month on August 29, charting a 7-week low of $19,500. While some investors may be concerned about the recent dip, it's important to remember that the bitcoin market is notoriously volatile.
The month of September was a volatile one for BTC, with the asset trying to bounce off $20,000 but being stopped once again. The lack of any substantial trading volume and volatility meant that the asset spent the last few days around that level. However, with the month coming to an end, it remains to be seen what the future holds for BTC.
It's market cap may be below $380 billion, but its dominance over the altcoins is still strong at 39%. This shows that despite a slight dip in value, Bitcoin is still the top cryptocurrency by a wide margin.
LINK Outperforms the Competition
The volatility of the cryptocurrency market has been on full display in recent days, with bitcoin and other major coins losing significant value. However, alternative coins have remained relatively calm on a 24-hour scale, suggesting that the market may be stabilizing. This could be good news for investors who have been holding onto their coins in hopes of a rebound.
It's been a volatile few days for Ethereum, with the price dipping below $1,500 before quickly bouncing back up. After a minor daily increase, the second-largest cryptocurrency is now hovering around the $1,550 mark.
The cryptocurrency market is seeing some green today, with Solana, Polkadot, Shiba Inu, and Tron all up slightly. Binance Coin, Cardano, Ripple, and Dogecoin are all down slightly.
As one of the best performing assets in the altcoin space, Chainlink (LINK) has seen its price increase by almost 5% in recent trading. This puts the digital asset firmly above the $7 mark and firmly in the spotlight as a top performer.
It's been a tough few weeks for the cryptocurrency market. Prices have been volatile and the overall market capitalization has been struggling to stay above the $1 trillion mark. However, there are still many believers in the long-term potential of digital currencies and the underlying blockchain technology.
As the Bitcoin price hovers around the $20,000 mark, volume and volatility have both plunged. This could be a sign that the market is maturing, with investors becoming more cautious and taking a longer-term view.
