Bitcoin Still At $6,300 As Crypto Market Gains Stability Amidst Low Volumes
Over the past 24 hours, the bitcoin price has declined slightly by 1 percent, going below the $6,400 region. Other major cryptocurrencies have been unable to make any relevant movement on both the increase and the decline.
The cryptocurrency market throughout last week has witnessed a lack of daily trading volume on most of its leading cryptocurrencies. Bitcoin made a daily volume of about $3 billion while Ethereum found if difficult to record a volume of more than $1 billion.
As a July 1, the volume of BTC was still above $4.2 billion and the volume of ETH has also recovered to $1.4 billion and that market is performing better than it was last week.
However, the cryptocurrency market has started to enter yet another decline with Ripple (XRP) and Bitcoin Cash (BCH) making a 2 percent loss over the past day. With the high trading volume of Tether (USDT), a cryptocurrency whose value is compared to the US dollar at almost $3 billion, the market is indicating a high level of instability.
For the time being, the market will possibly manage to go through a significant movement on the increase or decrease. The lack of demand from the bulls and lack of pressure from the bears will possibly lead to the cryptocurrency market and major cryptocurrencies such as BTC, ETH, and XRP to be at their present levels.
If the volume of stablecoins such as USDT remain to increase and traders begin to portion their holdings in cryptocurrencies to stablecoins, a slight recovery in the short-term is likely.
