Bitcoin continues to trade in a tight range around $29,000, showing minimal movement over the past week. This lack of volatility is unusual for the cryptocurrency known for its price swings. In fact, Bitcoin has been less volatile than gold on a 5-day weighted average. While this calmness may seem uneventful, it often precedes a significant price move. Traders are eagerly waiting to see which direction Bitcoin will take when it eventually breaks out.
The altcoin market is also experiencing a lack of volume, with the total traded volume across the industry sitting at $23 billion in the past 24 hours. However, amidst this stagnation, Shiba Inu (SHIB) stands out as the best performer among major coins by market cap. SHIB has recorded gains of over 12% in the past week, a notable achievement in a market with little activity.
Other altcoins have also seen modest gains. FLEX Coin leads the top 100 with a 14% increase, followed by GALA with 8.7% and ApeCoin (APE) with 8%. While these gains may not be significant compared to previous market movements, they provide some positive momentum in an otherwise flat market.
Overall, the cryptocurrency market is currently in a state of calmness, with both Bitcoin and altcoins showing minimal price changes. However, this period of stability is often a precursor to a larger move, and traders are eagerly anticipating the next breakout. In the meantime, altcoins like SHIB continue to show resilience and outperform the market, offering potential opportunities for investors.