Crypto Market Stable as Bitcoin Calms at $6,350 Decentraland Increases 10%
Over the past day, the Bitcoin price has remained calm in the $6,300 level with its volume stabilizing at around $3.7 billion.
Stellar (XLM) has surged by almost six percent as the expectation towards the likely listing of XLM by Coinbase, the world’s largest fiat-to-crypto exchange keeps on increasing.
The overall market has found it difficult to trigger an increase, which was anticipated because trading activity in the cryptocurrency exchange market seems to diminish during the weekend.
Although the valuation of the crypto market rose from $211 billion to $213 billion on Saturday, it has dropped back down to $212 billion, as Ripple (XRP), Litecoin (LTC), Monero (XMR) and few other cryptocurrencies made a slight minor drop in value in the range of 0.5 percent to 2 percent .
According to Whale Alert and cryptocurrency trader The Crypto Monk, tens of millions of dollars’ worth Bitcoin have been transferred from cryptocurrency exchanges to wallets in the past week.
“Just in case you haven’t noticed yet, tens of millions of dollars in BTC have been transferred from exchanges to unknown wallets.”
It is likely that whales or big investors have begun to transfer funds from exchanges to non-custodial wallets to stop selling the leading cryptocurrency in a low price range. However, it is also a likelihood that the growing fear towards the U.S government’s crackdown on exchanges as seen in the case of EtherDelta, drove large Bitcoin holders to transfer funds to wallets that can exercise full control over.
Notwithstanding a general surge in volume and the general positive sentiment in the market, technical indicators show a bearish short-term movement for BTC.
“Managed to crawl back into the range. A close around $6,350 today would not only be a weekly retest of demand but also a daily retest of the trading range. A move below support today would spell trouble so it’s definitely close to watch,” said technical analyst Don Alt, suggesting that if BTC drops below the $6,350 mark, it could initiate a further drop into the $6,200 region.
Perhaps due to the growing property sales on its virtual reality world driven by the Ethereum blockchain, Decentraland, the 63rd largest cryptocurrency in the market, rose by over 10 percent in value.
The increase in the price of Decentraland falls behind yet another high profile property sale in its virtual reality world for over $100,000.
In October, MANA, the native cryptocurrency of Decentraland has increased from $0.098 by over 46 percent.
The strong performance of MANA and few other tokens such as Maker comes during a time in which the U.S. Securities and Exchange Commission (SEC) is investigating into different token sales to assess if tokens can be regarded as securities under prior regulatory framework.
