Sunday , May 16 2021

Market Wrap: Bitcoin Steady Near $ 59K; Earnings in Altcoins Push the Crypto Market Leader to $ 2T

Bitcoin opened the week with another failed attempt to break a key psychological level of $ 60,000, and has been trading steadily near $ 59,000.

Bitcoin’s spot trading volume on eight major crypto exchanges tracked by CoinDesk was about $ 2 billion on Monday, mostly unchanged from the previous day.

Meanwhile, bitcoin’s 30-day volatility has also declined, to nearly 56%, a level not seen since the beginning of the year.

The oldest cryptocurrency is now trading in a “consolidation phase,” as CoinDesk’s Damanick Dantes wrote earlier Monday, with initial support of about $ 56,000.

Monday’s market was neither on bitcoin nor on ether, but on alternative multiple cryptocurrencies (altcoins), where price manifestations helped capitalize on the total cryptocurrency market All currencies amount to $ 2 trillion.

Tokens including bittorrent (BTT), tron ​​(TRX) and tezos (XTZ) have all recorded double-digit percentage gains in the last 24 hours as investors and traders seek lucrative gains from small-cap tokens, along with higher risks.

“The price of Bitcoin has stabilized between $ 55,000 and $ 60,000, creating a bullish market environment that encourages investors to explore other cryptocurrencies in the market,” said Steve Ehrlich, CEO and co-founder of Voyager Digital. “This coincided with the fall in bitcoin’s dominance, a key indicator of the trend of that market cycle we are actively in.”

According to TradingView, bitcoin market dominance dropped to about 57% from nearly 73% at the beginning of the year.

Digital assets on the CoinDesk 20 are mostly on green Monday. Notable winners from 20:00 UTC (4:00 pm ET):

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