Bitcoin Consolidation Continues At Low Trading Volume, Celsius Recovers 30% Weekly

Bitcoin continues to hover around $23,000 after another day with no decisive moves in either direction.

The weekend is also quite quiet for the altcoins. Most are a bit in the red on a daily scale, with Avalanche being one of the few exceptions.

Bitcoin Consolidation Continues

Last weekend was significantly more volatile for the crypto market. Bitcoin, for example, jumped above $24,600, which was a six-week high. This price hike was fueled by the latest Fed rate hike and President Biden’s refusal to admit the country was in recession.

However, the strength of the bulls weakened in the following days. BTC dipped below $23,000 a few times, the lowest of which was on August 4 at $22,500.

However, it bounced back and even tried its hand at $24,000 shortly after, but failed there. As a result, it went back to $23,000 and spent most of the next few days at that point. This lack of substantial price movements comes amid the lack of high trading volumes.

As such, BTC’s market cap has remained below $450 billion and its dominance is still 40.4%.

BTCUSD.  Source: TradingView
BTCUSD. Source: TradingView

Altcoins also quiet

Somewhat unexpectedly, the alternative currencies are also quite quiet on a daily scale. Ethereum was among the best performers yesterday with soaring to a multi-week high above $1,700. Now, however, the second-largest cryptocurrency is back below that level after a 2% drop.

Most other large-cap alts are also with small daily declines. Binance Coin, Ripple, Cardano, Solana, Polkadot and Dogecoin are all in the red right now.

Avalanche is the only altcoin in green. It is up almost 3% and stands at $26.

Interestingly, Celsius has risen 6% in a day and more than 30% weekly. As a result, CEL is trading north of $1.3.

The cumulative market cap of all crypto assets remains calm at just under $1.1 trillion.

Overview crypto market.  Source: Quantify Cryptography
Overview crypto market. Source: Quantify Cryptography

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Cryptocurrency Charts by TradingView.

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