With many crypto traders sitting on the sidelines and awaiting news from China, volumes for bitcoin, the market\u2019s most highly traded asset, have seen a decline.
\nMarket participants traded 6,670 bitcoins through Bitfinex, one of the world\u2019s largest exchanges by volume, in the 24 hours through roughly 21:30 UTC today, more than 50% less than the daily average of 17,900 bitcoins over the last week.
\nLikewise, volume has declined at major Chinese exchanges Huobi, OKCoin and BTCC, all exchanges whose policies have been affected by directives from that country\u2019s central bank.
\nAgainst this backdrop, bitcoin\u2019s price has stabilized, fluctuating between a daily high of $1,011 reached at 01:15 UTC and a session low of $1,001.00 hit at 07:00 UTC, CoinDesk Bitcoin Price Index (BPI).
\nThe 14th February session provided a similar story, as bitcoin prices moved within a slightly larger range between $987.33 and $1,106.44, additional BPI figures reveal.
\nThe rangebound trading that bitcoin has experienced may form part of a broader trend, according to Vinny Lingham, market analyst and CEO of identity startup Civic.<\/p>\n
Lingham told CoinDesk:
\n\u201cI expect bitcoin to consolidate around $1,000 for a while, maybe a month or even two.\u201d<\/p>\n
While some might embrace such a period of lower volatility, this reduction in price movement also results in fewer opportunities for traders to profit from the cryptocurrency\u2019s price swings.
\nBut while bitcoin\u2019s market has settled, many other cryptographic assets have received tailwinds from the development.
\nAt the time of report, eight out of the top 10 cryptocurrencies on CoinMarketCap (listed in terms of market capitalization) were higher for the day, with monero and dash having experienced the most notable gains.
\nMonero, a token that powers a blockchain that leverages digital signatures to help preserve the privacy of its users, rose to $13.74 during the session, more than 5.6% higher than the currency\u2019s price of $13.01 at 12:04 UTC, CoinMarketCap figures reveal.
\nAt the time of report, monero\u2019s token, XMR, was trading at $13.61, 4.6% higher for the session.
\nData provided by cryptocurrency trading platform Whaleclub shows the benefit that this particular altcoin has derived as a result of traders\u2019 lack of interest in bitcoin.
\n\u201cWe\u2019ve seen lower volume (both shorts and longs) in the past few days on BTC\/USD, with traders moving on to other markets which offer greater volatility,\u201d Petar Zivkovski, COO for Whaleclub, told CoinDesk.
\nHe singled out monero\u2019s XMR token in particular, indicating that \u201cwe see some volume flocking\u201d to this privacy-oriented digital currency.
\nDash, a digital currency that offers users privacy and instant transactions, also pushed higher in 15th February. The cryptocurrency climbed to $19.66 during the session, 8.6% higher than the currency\u2019s price of $18.10 at 12:04 UTC, according to CoinMarketCap.
\nAt the time of report, dash had fallen to $19.23, representing a 6.2% increase for the day.<\/p>\n
Tim Enneking, chairman of Crypto Asset Management, offered similar sentiment.
\n\u201cWe are also moving a bit of money into altcoins,\u201d he told CoinDesk.<\/p>\n
His take is that this is just the latest example of traders investing in smaller digital currencies when bitcoin prices remain rangebound.<\/p>\n","protected":false},"excerpt":{"rendered":"
With many crypto traders sitting on the sidelines and awaiting news from China, volumes for bitcoin, the market\u2019s most highly traded asset, have seen a decline.
\r\nMarket participants traded 6,670 bitcoins through Bitfinex, one of the world\u2019s largest exchanges by volume, in the 24 hours through roughly 21:30 UTC today, more than 50% less than the daily average of 17,900 bitcoins over the last week.
\r\nLikewise, volume has declined at major Chinese exchanges Huobi, OKCoin and BTCC, all exchanges whose policies have been affected by directives from that country\u2019s central bank.
\r\nAgainst this backdrop, bitcoin\u2019s price has stabilized, fluctuating between a daily high of $1,011 reached at 01:15 UTC and a session low of $1,001.00 hit at 07:00 UTC, CoinDesk Bitcoin Price Index (BPI).
\r\nThe 14th February session provided a similar story, as bitcoin prices moved within a slightly larger range between $987.33 and $1,106.44, additional BPI figures reveal.
\r\nThe rangebound trading that bitcoin has experienced may form part of a broader trend, according to Vinny Lingham, market analyst and CEO of identity startup Civic.<\/p>\r\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[216],"tags":[],"acf":[],"yoast_head":"\n