Home Business Bitcoin goes into hibernation, but these 3 cryptocurrencies are still going strong

Bitcoin goes into hibernation, but these 3 cryptocurrencies are still going strong

Bitcoin price finds crucial support, but market worried about liquidity

It is still very quiet on the crypto market. The prices of the largest currencies on the market have seldom been as stable as this summer. Still, there are a few outliers in the top 100 today.

Total cryptocurrency market cap down 0.1% to $1.216 trillion. Trading volume is up 10.5% to $26.09 billion. Bitcoin dominance stands at 48.8%. The Fear & Greed Index is 53, i.e. neutral.

Bitcoin volatility hits an all-time low

Bitcoin (BTC) volatility is currently at an all-time low. Data from The Block shows that volatility is even one all-time low has reached.

This is mainly due to the lack of liquidity and the extremely low trading volume. Analyst Axel Adler Jr. even calls the current market a “macro crypto winter.” The spot volume has now reached the historically low level of 2020.

Nevertheless, a violent price breakout is usually followed by a long period of consolidation. However, this has not happened for the time being and August is historically not a month of big moves.

Nonetheless, Bitcoin saw a rapid surge yesterday, reaching nearly $29,700. Bitcoin had to break through this zone to maintain momentum, but immediately fell back, even briefly dropping to $29,250. This morning, BTC price is $29,330 on Bybit and $26,879 on Bitvavo. Bitcoin price is therefore down 0.1% today.

Ethereum turns red today

Ethereum (ETH) held up better than Bitcoin early in the cycle but is struggling a bit right now. ETH price briefly peaked at $1,860 but then plummeted to $1,834. At the time of writing, ETH price is looking for support around $1,840 and it is down 0.4% today.

Solana is the only climber in the top 10 red cryptocurrencies

The remaining top 10 of the largest altcoins are also predominantly turning red. Shiba Inu (SHIB) is the biggest loser today, falling 1.7% to $0.00001021. Polkadot (DOT) is down 0.9% to $4.95. Dogecoin (DOGE) is also down 0.9% to $0.074. Polygon (MATIC) loses 0.8% of its value, falling to $0.674.

Binance Coin (BNB) is down 0.4% to $239. Ripple (XRP) is down just 0.2% to $0.077. Cardano (ADA) is also down just 0.2%, falling to $0.289.

Still, there is one exception in the top 10 today: Solana (SOL). SOL price was able to rally sharply last night but was rejected just above $25 and is falling to $24.9 at the time of writing. That means SOL is up 2% today.

Flex Coin, Hedera and Thorchain are the strongest climbers in the crypto top 100

Although the top 10 seems strangely calm, there is more excitement in the top 100. On the red side today, we see xdc network (XDC) down 4% and injective (INJ) down 5%. However, Kaspa (KAS) is the biggest loser, falling nearly 11% to $0.039.

On the other hand, we also have some strong climbers. Frax stock (FXS) and Toncoin (TON) are up about 4.5%. Flex Coin (FLEX) is already up 12% to $7.13.

Hedera (HBAR) made another big jump last night and is already up 13.5% today. Priced at $0.073, HBAR is up nearly 30% over the past few days. This ties in with the following news about FedNow, the payments service developed by the US Federal Reserve.

Thorchain (RUNE) also made a big leap last night. RUNE price stands at $1.58 after a 14.5% surge. This makes RUNE the big winner of today’s top 100. RUNE is up almost 70% compared to last week.

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