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The cryptocurrency market started the weekend with very low volatility. The leading cryptocurrency Bitcoin (BTC) began trading at $29,400 with its recent price movements. The total market value of the cryptocurrency ecosystem dropped to $1.17 trillion and significant decreases were recorded in the trading volumes of the cryptocurrency market.
Bitcoin Consolidation Continues
The leading cryptocurrency Bitcoin (BTC) briefly surpassed the $30,000 price levels at the beginning of the week, but then dropped back to the $29,000 price levels and began consolidating between $29,000 and $29,500. Most altcoins in the cryptocurrency market experienced varying degrees of value losses during the week as BTC fell below the $30,000 levels.
Despite the decline in the cryptocurrency market during the week, some cryptocurrencies, notably Solana (SOL), continued to rise and differentiate positively from the market. THORChain (RUNE), Pepe (PEPE), Shiba Inu (SHIB), ApeCoin (APE), and Hedera (HBAR) ranked among the top gaining cryptocurrencies in terms of percentage according to CoinMarketCap (CMC) data.
Decreasing Trading Volumes
The cryptocurrency market started the weekend with low volatility. According to the latest data shared by Coinglass, approximately $20 million worth of short and long positions were liquidated in the cryptocurrency market in the last 24 hours. Additionally, significant decreases were observed in the trading volumes. According to CoinMarketCap, the 24-hour total trading volume of the cryptocurrency market dropped by nearly 20% to $20.5 billion.
The cryptocurrency analysis platform Santiment also highlighted these recent decreases in trading volumes. Santiment reported that while some cryptocurrencies briefly differentiated positively from the market, the total trading volume was decreasing, and some altcoins experienced significant drops in their trading volumes.
