The upward trend in the cryptocurrency market in recent days, which started with fake litecoin (LTC) news, has slowed down for a while. Most crypto prices, with a few exceptions, are red compared to 24 hours ago. Total market capitalization was around $2.29 trillion yesterday morning, slipped back to $2.22 trillion last night and is now at $2.26 trillion this morning. Volatility continues to decline while prices are once again consolidating.
#bitcoin implied volatility is selling off as rangebound trading continues and market heads into quarterly expiry next week pic.twitter.com/yIa6pk1jyI
— Coinbase Institutional (@CoinbaseInsto) September 16, 2021
Bitcoin
Bitcoin (BTC) was unable to continue its rise from this week in the past 24 hours. The $48,600 is still the top for now and bitcoin has fallen back slightly since that top. Although volatility is decreasing again and the range is narrowing, this is still accompanied by significant price swings.
Bitcoin initially dipped as low as $47,300, then recovered to $48,250, then fell back to $47,100 and briefly touched $48,300 this morning. That’s fluctuations of more than 3% every few hours. At the time of writing, bitcoin is consolidating around USD 48,000.
Yet bitcoin holds up better today than most altcoins, and the dominance returns to 40%. Yesterday morning it looked like a $50,000 retest might be just around the corner, but that might not be the case this weekend. Well the market stays there bullish Like this, the outflow of BTC from cryptocurrency exchanges continues:
FYI: Whales bought another 31,848 BTC today, equivalent to $1.5 billion & Exchange balances now have gone down 10 consecutive days.
— Will Clemente (@WClementeIII) September 17, 2021
altcoins
For ethereum (ETH), yesterday morning’s $3,675 was apparently the tentative high, the price of ether has begun to decline since that point. Ether even briefly touched $3,500 last night, then recovered to $3,600, but there the resistance was too strong this time around. Ether then fell to $3,550, down 3.4% in the past 24 hours.
Cardano (ADA) also fell with it, namely by 3.2% from $2.50 to $2.42. The same goes for binance coin (BNB) which has fallen by 3.2% from $435 to $421. Ripple (XRP) is also 2.7% in the red, falling from $1.12 to $1.09.
Solana (SOL) is down the hardest in the top 10 and is even down 9.3% after falling from $161 to $146. Polkadot (DOT) on the other hand is 2.2% in the plus, the DOT price rose last night from $35.7 to $36.5. Dogecoin (DOGE) is the fastest gainer in the top 10 today, jumping from USD 0.240 to USD 0.255 this morning, up 6%.
The dogecoin increase is most likely related to the increase of the shiba inu (SHIB) token. SHIB is up a whopping 36% since last night from $0.0000066 to $0.0000090. This is again due to the infamous “Coinbase effect:”
$SHIB is now available on Coinbase#ShibaArmy #ShibaSwap https://t.co/5mLbKUlpcR
— Shiba Inu (@ShibanuCoin) September 16, 2021
However, these “meme crypto” are not the only quotes that are turning green today. Ziliqa (ZIL) is 6% in the plus, avalanche (AVAX) again 7% and cosmos (ATOM) 10%. Audius (AUDIO) is up 25% to $3.10, probably due to the following news:
Welcome to the familly @katyperry, @Nas, @steveaoki, @TheChainsmokers, @mikeshinoda, @jasonderulo, @disclosure, and @PUSHA_T – we are excited to define the future of music with you https://t.co/WuDH4YEzcE
— Audius 🎧 $AUDIO (@AudiusProject) September 16, 2021