Bitcoin Squeezing at $29K as Shiba Inu (SHIB) Weekly Gains Top 12%: Market Watch

6 August 2023

in SHIBA

Reading Time: 3 mins read

It’s the weekend, and, let’s be honest – nobody is expecting a lot of action. And while there are some weekends that defy this sentiment… this one is not among them.

In fact, the vast majority of the major cryptocurrencies have failed to move, charting incredibly insignificant differences in their price compared to 24 hours ago. Let’s take a look.

Bitcoin Getting Squeezed at $29K

Bitcoin’s price has been tremendously calm throughout the past week, and it’s been trading around $29,000 for a while now. This is a very narrow range for a cryptocurrency that’s as volatile as BTC.

But that volatility seems to have disappeared lately and on a 5-day weighted average, BTC has been less volatile compared to even gold.

Source: Binance via TradingView

As you can see in the above 1-hour chart, there’s literally nothing going on with Bitcoin’s price, which is completely stuck at the $29K level.

However, it’s worth noting that these periods of calmness are not very typical for the cryptocurrency market and tend to be a precursor to a larger move.

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We just have to wait and see which direction BTC will take when it inevitably spikes.

[crypto-donation-box]

Altcoins Also Flatline

It’s not just the Bitcoin price that’s experiencing a volume draught. It’s also the altcoin market.

In fact, the total traded volume across the entire industry for the past 24 hours, according to CoinGecko, sits at $23 billion. The good news is that the market is trending upward today, albeit ever so slightly, as seen in the heatmap below.

Source: Quantify Crypto

The most impressive thing is that Shiba Inu (SHIB) continues to chart gains of more than 5% and remains the absolute best performer from the major coins by means of total market cap.

In fact, SHIB’s weekly gains now top 12%, which, amid a stagnating market like this, is worth noting.

Elsewhere, FLEX Coin is the best-performer from the top 100 with 14% gains, followed by GALA with 8.7%, and ApeCoin (APE) by 8%.

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Cryptocurrency charts by TradingView.

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