Bitcoin Cash Rises 7%, Bitcoin Stalls at $21,000 (Market Watch)
Bitcoin continues to fail to produce any significant price moves in either direction and has remained stuck around the $21,000 level.
The altcoins are also uncharacteristically stable on a daily scale, with Bitcoin Cash emerging as one of the few exceptions.
Bitcoin Stalls at $21K
Last week’s extreme volatility, which pushed bitcoin south by over $4,000 in a matter of days, has not been replicated this week, at least for now.
The last significant price move came over the weekend when BTC plunged to a three-week low of $20,800 (on Bitstamp).
It responded well to this decline and quickly regained the $21,000 level. Since then, the asset has remained relatively quiet around that line with a few minor price pumps and dumps that were stopped immediately. As of now, it stands at just over $21,000, and the market value is still over $400 billion.
Bitcoin news
While several crypto exchanges complained that demand for their services fell after the summer crash, DBS said BTC volume on the digital platform skyrocketed fourfold.
The Bitcoin MVR Triple Ribbon (consisting of 3MAs) suggested that the cryptocurrency’s unfavorable price movements could continue in the coming weeks.
BCH comes out on top
Somewhat surprisingly, most alternative coins have also failed to produce large price swings in the last 24 hours.
Ethereum was quite volatile until recently. Hype surrounding the upcoming merger had pushed the asset to a multi-month high of over $2,050 around ten days ago. ETH lost over $500 in the following week or so, but now stands above $1,600 after a minor daily gain.
Ripple, Polkadot, Shiba Inu and Avalanche are also a bit green now. In contrast, Binance Coin, Cardano, Solana, Dogecoin and Polygon have charted insignificant losses.
Bitcoin Cash stands out as the most significant gainer from the mid-cap alts, rising 7% to $135.
The overall crypto market capitalization has managed to defend the level of $1 trillion.
Industry news
Celsius decided to respond to KeyFi’s lawsuit by starting a separate lawsuit.
One crypto trader found an interesting way to double his portfolio by betting against what CNBC’s Jim Cramer recommended.
The major US-based crypto exchange Coinbase faced yet another lawsuit.
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