The bitcoin price is down once again this week — by approximately 9.7% — and volume has been extremely low as well, which comes to more of a shock to people than the price.
Also Read: Last Week’s Market Wrap Up
As of press time, bitcoin’s total 24 hour USD volume was $12.2 million, lower than the average $15 – $20 million USD volume we see on a typical day of trading.
Price has flatlined in the last couple days, with only minor fluctuations in across all exchanges. It as if the bitcoin price will keep moving sideways, as it has often done in the past.
While bitcoin is the cryptocurrency that is most scrutinized when looking at overall health of the collective ecosystem, other cryptocurrencies have been hit harder. This is typically the case as other cryptocurrencies are more subject to being influenced by swing of market trading.
Altcoin Market Analysis
Take, for example, Digital Cash, formerly known as Darkcoin. The hype and excitement that came from the coin’s rebranding is waning, and the price is down 20.57% this week.
DASH is now returning to normal, pre-rebrand price levels, which is around the 0.0125 BTC price range.
DASH volume interestingly enough has also returned to similar levels. I have included a 30-day chart in lieu of the standard 7-day table to better illustrate DASH’s movements.
Litecoin, another altoin that all cryptocurrency users are familiar with, is down by almost 15% this week. Litecoin’s volume remained relatively stable throughout the week.
This holds true in both the seven day overview as well as the 30 day overview, suggesting a potential short to the mid-term trend for Litecoin.
Litecoin still holds third position in market capitalizations, with an extensive margin of about $30 million+ compared to DASH, which is in fourth place.
Crave, which was making enormous movement for the last two weeks or so, has had its 15 minutes of fame cut short. While Crave is surprisingly still up 22%, the current price of $0.28 is a far cry from the $2 mark that crave was very close to achieving just a few days ago.
Many users on the BTT threads speculate the pump and dump scheme members of this community are so acquainted with seeing had to do with the “ShadowTrashCommunity” but as stated, is only speculation.
While this week in cryptocurrency did see its fair share of losses, there were also coins that saw significant price increases. That is what makes bitcoin exciting, the high risk and high rewards that entice people into learning more, followed by the practicality as well as ease of use that makes people stay.
What do you think the cryptocurrency markets will be like next week? What are your strategies in a sideways market? Let us know in the comments below!