There hasn’t been a change in the trading range of the crypto price index, likely because Bitcoin’s volatility has stuck to a fixed range, while other altcoins were also broadly stationary.
Bitcoin’s dominance continues to lead the crypto market, which could be a key factor due to which the crypto price index has stagnated. It hasn’t declined as well, but major indicators that initiate a rally have cooled down. While the support level of Bitcoin is at $62,000, Ethereum’s price dipped below $3,000 in the last 24 hours.
Ethereum’s price hasn’t seen any speculative activity yet this year, leading to comparatively less volatility. The bulk of crypto market inflows have flowed towards Bitcoin in 2024. However, the launch of the ether ETFs in Hong Kong could be one way ETH attracts more inflows in the months ahead.
Bitcoin, while trading sideways, has impacted various analyst predictions on its future movements. While most believe a macro uptrend is on the way, a few voiced concerns regarding a further correction. Signs of consolidation in BTC also appear until the next trigger decides its direction. Until then, BTC could keep trading in its current trading range.
Apart from ETH, other tokens have also experienced marginal losses recently. These include XRP, DOGE, ADA, and DOT as well. But all these tokens are still trading with positive seven-day returns.
BTC/USD 1D price chart
Bitcoin is currently trading at around $62,400 on May 8, 2024, with BTC/USD trading lower by a margin of 2.70% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.22 trillion in the last 24 hours.
BTC/USD is trading below its 20-day EMA (63,418.05), as BTC’s 24-hour volume was at around $25.2 billion. The global crypto market cap decreased by around 3.14%, trading above $2.29 trillion. BTC’s year-to-date returns are at 48.09%.
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