Bitcoin (BTC) has seen a fairly lacklustre start to the day, with the BTC/USDT pair slipping below US$29,000 and currently trading near to US$28,900 – the lowest price seen in over five weeks. This decline in Bitcoin’s spot price is likely due to the decrease in trading volumes, which have now dropped to multi-year lows. It remains to be seen if the long-term trend is a correction to the US$25,000 mark, prior to the BlackRock pump. However, there is a large wall of buy orders at US$28,500, according to the Binance order book.
Ethereum (ETH) has also seen a four-week low of US$1,816 this morning, yet has since been able to recover to US$1,833. This is still a 1% decrease week-on-week, while Bitcoin is only 0.8% lower. The dominant market share of Bitcoin has been reduced due to some of the blue-chip altcoins performing better.
Binance’s BNB token has made gains of 3.5% over the past seven days, taking its market capitalisation to US$37.8bn. Binance is attempting to move away from the US regulatory scene and has recently obtained a regulatory licence in Dubai. Other top-20 altcoins, such as Solana (SOL), Cardano (ADA), Litecoin (LTC) and Bitcoin Cash (BCH) have all seen low single digit gains in market capitalisation. The meme coin Shiba Inu (SHIB) has seen the biggest gains of the top altcoins, increasing by 7% and now having a market cap of US$4.9bn. The total market capitalisation across the entire cryptocurrency market is now US$1.16tn, having dropped 1.8% overnight.
