Bitcoin Consolidation Continues on Low Trading Volume, Celsius Recovers 30% Weekly

Bitcoin continues to range around $23,000 after another day without any decisive moves in either direction.

The weekend is quite calm for the altcoins as well. Most are slightly in the red on a daily scale, with Avalanche being among the few exceptions.

Bitcoin Consolidation Continues

Last weekend was significantly more volatile for the crypto market. Bitcoin, for instance, jumped above $24,600, which was a six-week high. This price surge was fueled by the US Fed’s latest interest rate hike and President Biden’s refusal to admit that the country had entered into a recession.

However, the bulls’ strength weakened in the following days. BTC dipped below $23,000 on a few occasions, the lowest of which was on August 4 at $22,500.

However, it bounced off and even tried its hand at $24,000 shortly after but failed there. As a result, it retraced back down to $23,000 and spent most of the next few days at that point. This lack of substantial price movements comes amid the lack of high trading volumes.

As such, BTC’s market cap has remained beneath $450 billion, and its dominance is still at 40.4%.

BTCUSD. Source: TradingView

Altcoins Calm, Too

Somewhat unexpectedly, the alternative coins are also quite calm on a daily scale. Ethereum was among the best-performers yesterday with a surge to a multi-week high above $1,700. Now, though, the second-largest crypto is back below that level, following a 2% decline.

Most other larger-cap alts are also with minor daily decreases. Binance Coin, Ripple, Cardano, Solana, Polkadot, and Dogecoin are all in the red now.

Avalanche is the only altcoin in the green. It’s up by almost 3% and sits at $26.

Interestingly, Celsius has gained 6% in a day and over 30% weekly. As a result, CEL trades north of $1.3.

The cumulative market cap of all crypto assets remains calm at just under $1.1 trillion.

Crypto Market Overview. Source: Quantify Crypto