Bitcoin, the primary cryptocurrency, saw a reversal of its trajectory after slipping to $26,600 on Bitcoin pizza day, rising by almost $1000. Other altcoins like Ethereum (ETH), Polygon (MATIC), Shiba Inu (SHIB), Tron (TRX), and Avalanche (AVAX) also saw a slight increase, jumping by around 3% daily. Glassnode, an analytics resource, acknowledged that BTC had been stuck in a relatively tight range for the past week, and its 7-day price range had declined to 3.4%, which has happened only a few times in the past three years. Each time it happened, it was followed by a massive price move in either direction. As such, Glassnode warned that there might be a lot more volatility coming soon. As of now, the asset remains in this range.
Altcoins in the Green
The past several days saw little to no movement in Ethereum’s price, and it was gradually losing ground, close to breaking below $1,800. However, a 2.5% increase in the past 24 hours prevented such a development, and the second-largest digital asset currently trades at $1,850. Other larger-cap altcoins like Polygon, Shiba Inu, Tron, and Avalanche showed similar price jumps. Binance Coin (BNB), Cardano (ADA), Dogecoin (DOGE), Solana (SOL), Litecoin (LTC), and Polkadot (DOT) were also seen in the green, albeit in a more modest fashion. The most impressive price increases on a daily scale were seen from Conflux (16%), KAVA (14%), and Render Token (11%).
The total crypto market cap has regained around $20 billion in a day and stands at $1.140 trillion. Bitcoin’s market cap has neared $530 billion, while its dominance over alts remains at 46.4%. Although BTC failed to continue further, it still trades above $27,000. Glassnode’s warning of more volatility in the near future is something to keep an eye on for traders and investors alike.