The past week in the cryptocurrency market was full of volatility, with bitcoin (BTC) dropping by a grand on erroneous news of Binance CEO's Red Notice and then recovering its losses. However, since then, the asset has been unable to challenge the benchmark of $29,000 and currently stands at just under $28,000. Meanwhile, Ethereum (ETH) marks gains up to $1,950, although it has since declined by more than $100. Two of the largest ETH liquid staking tokens such as LDO and FXS fell hard during the weekend and currently present declines of 8% from the day's start.
The drop in bitcoin and prominent altcoins was followed by a market-wide dip in total cryptocurrency capitalization, that went down by $15 billion and is currently trading at $1.170 trillion. Crypto market dominance is somewhat mitigated with BTC taking just over 46% of the share.
When it comes to other alts, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC, SHIB, and AVAX all slumped by up to 3% in the past 24 hours. And yet, the overall direction moved mainly sideways throughout the weekend, thanks to low trading volumes.
The current market inertia following weeks of heightened volatility could be a sign that investors take a pause to reassess the assets at their current positions before making further decisions. Thus, it remains to be seen what kind of response will be triggered with the dawn of a fresh trading week.
Liam Smith
- 2023-04-09
Crypto Market's Unexpected Plateau
The past week in the cryptocurrency markets saw a large drop in bitcoin and altcoins following alleged news of the Red Notice for Binance CEO, however markets eventually picked up. Now, the crypto scene reads a market-wide dip which is nearing a plateau, with BTC, ETH, BNB and others all down by a few percent.
![CandleFocus cryptocurrency-bitcoin-ethereum-Altcoins](https://images.candlefocus.com/Crypto-Markets-Unexpected-Plateau.jpg)