Bitcoin's price remains stagnant around $29,000 with low volatility, while smaller tokens experience increased volatility. Trade volume for Bitcoin is at a yearly low, and volatility metrics indicate a multi-year low.
Trading volume at yearly lows
While fringe tokens have seen an increase in volatility, Bitcoin has faced the opposite. Bitcoin's price is at a standstill, locked in a tight trading range around the $29,000 mark, with trade volume at a yearly low and volatility metrics showing a multi-year low. In July, centralized crypto exchanges saw a 12% drop in combined spot and derivatives trading volume to $2.36 trillion, marking the year's lowest reading, according to a CCData"The decrease in trading volumes can be attributed to the lack of volatility in the price action of major crypto assets, with Bitcoin and Ethereum largely trading in a narrow range throughout July," the report added.
But this volatility may not last for long. Analysts at Bitfinex claimed that bitcoin"stands on the brink of an impending supply crunch," according to this week's"Recent data reveals that a staggering 69.2% of the total Bitcoin supply has remained untouched for over a year. With a significant chunk of Bitcoin's supply remaining inactive, the available supply in the market diminishes.
Bitcoin has primarily traded in the range of $29,000 to $30,000 since July 24. The digital asset was up a modest 1% in the past 24 hours, changing hands for $29,358 at 10:00 a.m. ET, according to© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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