The cryptocurrency market has experienced a period of low volatility recently, with Bitcoin struggling to make any significant gains. Currently trading around $29K, Bitcoin attempted to push towards $29.5K but was met with resistance from bears. This lack of upward momentum is indicative of the current bear market, which has been the longest in crypto history, lasting over two years. Additionally, Bitcoin’s 10-day realized volatility is nearing levels lower than stocks, bonds, and even gold. Historically, periods of calmness in the crypto industry are often followed by significant price movements, leading some to speculate that this could be the calm before the storm.
While Bitcoin remains stagnant, the altcoin market has also seen limited activity in the past 24 hours. However, there have been some notable exceptions. Shiba Inu (SHIB), one of the largest cryptocurrencies, experienced a spike of around 5%. This surge in price can be attributed to news related to Binance, the largest exchange. Binance recently added SHIB as a collateral asset on its platform, allowing users to use it for loans.
Among the top 100 cryptocurrencies, XDC Network (XDC) has been the best performer, with a 14% increase. On the other hand, Litecoin (LTC), despite undergoing a halving event, has seen a 9% decrease over the week and a 4% decrease in the past day.
Overall, the cryptocurrency market continues to show signs of uncertainty, with Bitcoin struggling to gain momentum and altcoins experiencing limited movements. The addition of SHIB as a collateral asset on Binance has sparked some positive price action, but it remains to be seen whether this will have a lasting impact on the market. Traders and investors are advised to monitor the market closely for any potential developments or shifts in sentiment.