February 6, 2023

Bitcoin continues to range around $23,000 after another day without any decisive moves in either direction.

The weekend is very quiet for altcoins as well. Most are slightly red on a daily scale, with the avalanche being among the few exceptions.

Bitcoin Consolidation Continues

Last weekend was significantly more volatile for the cryptocurrency market. For example, Bitcoin jumped above $24,600, the highest level in six weeks. This rate hike was prompted 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.

However, the bulls’ strength weakened in the following days. BTC has dropped below $23,000 on several occasions, and reached its lowest level on August 4 at $22,500.

However, he bounced back and tried to pay $24,000 soon after but failed there. As a result, he bounced back to $23,000 and spent most of the next few days at that point. This lack of big price moves comes amid a lack of upside Trading volumes.

As such, the market capitalization of BTC remains below $450 billion, and its dominance remains at 40.4%.

BTCUSD.  Source: TradingView
BTCUSD. Source: TradingView

Calm Altcoins, Too

Somewhat unexpectedly, altcoins are also quiet on a daily scale. Ethereum was among the best performers yesterday as it surged to a multi-week high above $1,700. Now, though, the second largest cryptocurrency is back below that level, after a 2% drop.

Most other alternatives with a larger cap are also in small daily cuts. Binance Coin, Ripple, Cardano, Solana, Polkadot, and Dogecoin are all in the red now.

Avalanche is the only alternative currency in the green. It is up about 3% and is sitting at $26.

Interestingly, degrees Celsius gained 6% in one day and more than 30% weekly. As a result, CEL is trading north of $1.3.

The cumulative market capitalization of all crypto assets remains quiet at just under $1.1 trillion.

Crypto market overview.  Source: Quantify Crypto
Crypto market overview. Source: Quantify Crypto
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Cryptocurrency Schemes by TradingView.

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