Bitcoin price did not perform well on Friday and managed to remain largely stable over the weekend. Although altcoins experienced exceptional gains among cryptocurrencies, the general trend is downward. At the time of writing, BTC is at $25,870.
Markets started Sunday largely flat. The inability of investor sentiment to recover strongly fuels negative performance. However, BTC closing below $26,000 increases concerns. The news from Glassnode explains why the rising prices cannot sustain at higher levels due to this negative sentiment. As investors who do not believe in the rise send their BTC to exchanges, we witnessed a decrease in price due to profit-taking.
Just as small news can cause significant increases in markets during bull markets, the opposite happens during bear seasons. The price’s failure to rise despite major news is partly due to the absence of investors distancing themselves from the market. The weak volume environment created by fewer investors causes news price movements to be feeble.
At the time of writing, the cumulative volume of cryptocurrencies is $23 billion. BTC market dominance is at 48.3%, and the cumulative value of my cryptocurrencies has dropped to the $1.04 trillion threshold.
Despite the Tuesday announcement, BTC is almost in the same place as it was seven days ago. Among the largest cryptocurrencies by market capitalization, the notable asset is XRP Coin. The price has dropped by about 5% compared to seven days ago and continues to fluctuate below the critical resistance of $0.5. After the victory in July, investors in Ripple (XRP) Coin saw their profits significantly decrease.
On the other hand, Telegram-backed TON Coin rose to the 11th largest cryptocurrency with an 11% increase on a weekly basis. XDC, MIOTA, RUNE represent altcoins that have experienced double-digit growth compared to a week ago.
Altcoins that experienced losses of more than 10% in a week include SUI, HBAR, KCS, PEPE, GMX, and ASTR. Yesterday morning, the CYBER price was close to the peak of its impressive rally of the past few days.
As we mentioned, we expected this to trigger a strong selling wave. In the following hours, the CYBER Coin price dropped to the $9 range according to our warnings. Now, it continues at $7.28 with a 43% loss for the day. This movement is not surprising for bear markets.