MPost Markets: Cryptocurrencies enter period of consolidation
Bitcoin is stabilizing, but there’s not much more positive news regarding the current cryptocurrency markets situation. On the plus side, both Bitcoin and BNB are experiencing a seven-day uptick in prices.
However, all major cryptocurrencies remain in the red, with Bitcoin trading at $29,164.71 at the time of writing, 2.13% down from yesterday. Ethereum is experiencing a more severe drop of 7%, from yesterday’s price of $1,976 down to $1,837.87 and suggesting lower on-chain activity.
According to a recent report by the Glassnode team, markets are now entering a period of consolidation. Considering “the longest continuous string of red weekly candles in history,” Glassnode fears further downsides down the road.
“Looking on-chain, we can see that both Ethereum and Bitcoin blockspace demand has fallen to multi-year lows, and the rate of burning of ETH via EIP1559 is now at an all-time-low,” the report states. “Coupling poor price performance, fearful derivatives pricing, and exceedingly lacklustre demand for block-space on both Bitcoin and Ethereum, we can deduce that the demand side is likely to continue seeing headwinds.”
Avalanche AVAX and Zcash ZEC are experiencing a significant fall in prices of more than 14%. While TerraUSD UST managed to gain some of its price back, it’s again in the red with a price of $0.09, meaning there is still a long way to go before it reaches $1, and the fall of 13.51% is not doing the stablecoin any favors.
Crypto’s used in the NFT space are also not doing much better. Apart from The Sandbox’s SAND, which has experienced a 5.7% raise, all other coin prices are dropping. Flow slid 6.45%, ApeCoin APE 10.11%, Decentraland’s MANA 2.37%, while Tezos 5.04$.
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About The Author
Karolina is a writer and journalist with a background in literary studies. She loves exciting tech solutions and art, and NFTs are often a perfect amalgamation of the two. Outside of work, she’s a plant mom, a vintage fashion enthusiast, and a gamer.
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Karolina is a writer and journalist with a background in literary studies. She loves exciting tech solutions and art, and NFTs are often a perfect amalgamation of the two. Outside of work, she’s a plant mom, a vintage fashion enthusiast, and a gamer.
