Another day – another failure for Bitcoin to break away from its current range around $29,000. The primary cryptocurrency’s volatility has fallen to historic lows and the rest of the market doesn’t seem too exciting either.
But there’s one barking exception.
Bitcoin Stagnates at $29K
They say there’s never a dull moment in crypto, but if you’re mostly following the performance of large-cap coins throughout the past week, you can probably see that this can be a bit of an overstatement.
Bitcoin’s price has completely flatlined throughout the last few days, and the past 24 hours have made absolutely no exception, as seen in the chart below.
BTC’s price made an attempt to push above $29,300 but was quickly reminded that it’s not its place and retraced back to where it’s trading for the past week – the $29,000 level.
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The cryptocurrency has become less volatile than gold on a 5-day adjusted basis. That’s right – the risky and massively volatile Bitcoin that’s too unpredictable for traditional portfolios has become less volatile than the most traditional investment of them all.
Of course, it’s worth noting that periods like the current one don’t usually last long and are a precursor to a major move. We just have to see if it will be to the upside or the downside.
SHIB Price Pumps Another 5%
The altcoin market has also remained largely flat through the day, with the majority of major cryptocurrencies being on the losing end, charting small declines below 1%. You can see that in the heatmap below.
You can also see that one of these things is not like the others and is trading well above the established range. Shiba Inu (SHIB) keeps pumping and is up another 5% throughout the past 24 hours.
The move is an extension of yesterday’s increase that came on the back of news from Binance. The world’s largest cryptocurrency exchange revealed that it will now support SHIB as collateral for loans.
It’s interesting to see if this rally will continue or if SHIB will calm down and get in line with the rest of the market.
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Cryptocurrency charts by TradingView.