MPost Markets: Cryptocurrencies enter period of consolidation

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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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Karolina Gaszcz

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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