Bitcoin, Ether flat; Solana leads winners
Bitcoin was trading unchanged in Asia on Monday morning, remaining just above the $29,000 support level while the token’s volatility rating hit a record low. Ether also lagged as the other top 10 non-stable cryptocurrencies traded mixed, with Solana being the winner. Meanwhile, the Forkast 500 NFT index fell slightly and US stock futures rose after last week’s losses. Investors are now awaiting another busy week of corporate earnings reports and US inflation data.
Bitcoin flat, volatility low
According to data from CoinMarketCap, bitcoin is down 0.03% to $29,039.48 over the past 24 hours (as of 7:50 a.m. Hong Kong) and is down 0.78% this week. The world’s largest cryptocurrency briefly traded below the $29,000 support level over the weekend.
Ether is also down 0.48% to 1,826% and is down 1.89% over the past seven days.
“The biggest swing in bitcoin over the past week and a half has been around $29,200. And this is interesting because during this period the dollar has entered a growth mode and there has been significant profit-taking in the stock market,” wrote Alex Kuptsikevich, senior market analyst at London-based online brokerage FxPro.
“The market has been waiting for new signals and is equally ready to return to growth or fall further,” Kuptsikevich said. “A break below $28,800 could quickly take the market to $28,000 or even $27,000. A move above $29,500 would open a fast route to $30,000 and further to $31,000.”
Crypto options trading platform Deribit’s Bitcoin Volatility Index, which measures the expected volatility of Bitcoin over the next 30 days, hit an all-time low of 34.02% on Monday. Meanwhile, crypto analytics firm K33 Research noted Friday that Bitcoin’s 5-day average volatility declined lower than gold, Nasdaq and S&P500 in the week ended July 30.
“This session is symptomatic of something we’ve been observing for the past few months, but more clearly now: nothing,” said Justin d’Anethan, head of APAC business development at Belgium-based crypto market maker Keyrock. “We haven’t seen BTC move more than 1% from open to close in what feels like forever.”
“It’s worth asking yourself if there are any signs of complacency; Crypto markets don’t usually reward laziness. However, investors will find it very difficult to position themselves as positive news about crypto ETFs and institutional engagement will be offset by regulatory issues and DeFi hacks,” added d’Anethan.
The other top 10 non-stablecoin cryptocurrencies were mixed as Solana led the winners. It rose 2.51% to $23.18 but posted a weekly loss of 4.47%.
Dogecoin led the losers, falling 1.97% to $0.07418, down 4.92% on the week.
Total crypto market cap fell 0.12% to $1.16 trillion in the last 24 hours, while trading volume barely increased, up 1.42% to $20.62 billion.
