Weekly Crypto Market Update: The Calm Before the Bitcoin Storm?

Bitcoin continues to lose ground, and the price has remained in the range into which it fell at the end of September when the last sharp correction occurred. It didn’t scare the market away, and money has continued to flow into altcoins which are starting to see a change in the trend. The altcoin market is showing positive signs, but we still don’t expect an “altcoin season” anytime soon.

This week, the 18 millionth bitcoin was mined, and the halving is just around the corner. It will be interesting to see how miners behave, as mining will become less profitable overall and they will increasingly rely on the network’s transaction fees.

The cryptocurrency market sentiment changes from one moment to another. As the price goes down, the media is flooded with Bitcoin obituaries, while as the price goes up, everyone becomes bullish again. This is another hallmark of a young market and technology which is at the beginning of its path, surrounded by uncertainty. The market is clearly maturing, but there is still a long way to go before mainstream adoption.

Among the altcoins that stood out this week, Bitcoin SV surged by 25% after a bug was discovered on the Lightning Network. Chainlink is also seeing continuous increases. Market analysts estimate that if the trend continues, new money won’t be late to enter, and this could bring the next bubble. However, there are a lot more exchanges and trading options compared to before. Nevertheless, in any market, liquidity problems exist when trading is low. That said, we’ve seen many cryptocurrencies like Dogecoin that have already gone through many cycles and will probably go through more in the future.

The market seems to be highly correlated to Bitcoin’s price, and if the latter breaks beneath its recent levels of support, this could affect many altcoins.

Market Data

Market Cap: $224B

24-Hour Volume: $58M

BTC Dominance: 66.5%

BTC: $8,284

ETH: $174

XRP: $0.29

BTC Shorts (BFX): 7K BTC

BTC Longs (BFX): 25.5K BTC

Market-Update52-min

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