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The crypto market, which started the week with an increase, began the day with low volatility. The leading cryptocurrency Bitcoin (BTC) fell to the $29,300 levels with its recent price movements. The total market value of the crypto ecosystem also retreated to $1.17 trillion, according to CoinMarketCap (CMC) data.
The Current State of the Crypto Market
The crypto market, which started the week with an increase, began the day with low volatility. The leading cryptocurrency Bitcoin (BTC) started trading at $29,300 with its recent price movements, while Ethereum (ETH) fell to $1840. The total market value of the crypto ecosystem also retreated to $1.17 trillion, according to CMC data.
Meanwhile, some cryptocurrencies experienced double-digit value increases within the last 24 hours despite Bitcoin starting the day with low losses. THORChain (RUNE), Hedera (HBAR), Trust Wallet Token (TWT), and Solana (SOL) ranked among the top rising cryptocurrencies of the day, according to CMC data.
Will Consolidation Continue in Bitcoin?
Kevin Kelly, co-founder of crypto research firm Delphi Digital, evaluated the current state of the crypto market and suggested that Bitcoin generally reaches new price peaks at the same time as the Institute for Supply Management (ISM) Index, which is an important economic indicator for the manufacturing sector in the United States. Kelly shared his thoughts that new price peaks, active address numbers, and total transaction volumes in BTC tend to increase during periods when ISM data is rising.
Kelly stated that the ISM is nearing the end of a two-year downward trend and that Bitcoin, the leading cryptocurrency, could rebound in the coming months. Additionally, Kelly emphasized the importance of several critical developments that could affect the market, including the Bitcoin Halving expected to take place in April 2024. While expressing that BTC could achieve a new ATH until the fourth quarter of 2024, Kevin Kelly also added that if consolidation in the market continues for a certain period, a new selling pressure could arise in BTC.
