Cryptocurrency between low volumes and low volatility

The new week for cryptocurrencies starts again along the same lines as the weekend with few volumes and low volatility.

With the price closing below $10,700, Bitcoin ends up slightly down for the second week in a row. This is a circumstance that hasn’t occurred since June, and which Bitcoin shares with the majority of Altcoins.

Among the big ones, in fact, there are few cases that register a positive difference in balance from last Monday’s levels. These are Ripple (XRP) which manages to recover almost 2%. Better Binance Coin (BNB) climbing above 7%. Best is Monero (XRM) which flies over 10% recovering $110, levels it hasn’t seen since June 2019.

Cryptocurrency volumes on hold

Between Saturday and Sunday, Bitcoin exchanges on the main exchanges on both days did not exceed one billion dollars in value. The same fate also for Ethereum with exchanges under 500 million dollars. Such low daily trades have not been recorded since last July’s central weekend when prices for both were lower than they are today.

In total, volumes for the last 24 hours have not exceeded $70 billion. Again, to find similarities, one has to go back to the days after mid-July. This is a waiting phase among operators. Even in the past, these phases were suddenly interrupted by explosive movements.

On the top step of the podium of the best, with the only double-digit leap among the top hundred capitalized, today rises Zilliqa (ZIL), followed by Yearn.Finance (YFI) and Ripple (XRP) both up by more than 7%.

Total capitalisation is back above $340 billion, with Bitcoin taking 58% of the market share at just under $200 billion. While Ethereum remains under 12% dominance, the rise in XRP’s prices has earned it a few decimal places, returning to 3.3%, levels at the beginning of September.

After peaking at the end of September ($11.2 billion), the total liquidity blocked by TVL in the various decentralised finance applications fluctuates just under $11 billion, confirming the stability of funding despite the period.

Uniswap’s DEX (decentralised exchange) maintains the top position in the DeFiPulse ranking with over $2.3 billion blocked. Followed by Maker with $1.8 and Aave with $1.2 billion. The number of Bitcoin tokenized today continues to grow above 141 thousand BTC, a new absolute record.

Bitcoin (BTC)

Prices rebounding from lows of $10,400 which confirms that it is a well-protected support from bullishers and considered to be the first level to be knocked down by option traders.

The reaction reports prices to revise area 10,800 USD. Short-term movements that do not change the medium-term structure with fluctuations that have been trapped in USD 500 for more than 10 days.

Ethereum (ETH)

The price fluctuation margin of Ethereum is even tighter. Since the beginning of September, congestion has not been able to rise above 390 USD or fall below 315 USD.

Volatility drops to the lows at the end of August-beginning of September, raising the alarm for an upcoming directional movement.