The Bitcoin price is up around two per cent over the last 24 hours to just below $35,000, as it continues to plod along in the same narrow range between $33,000 to $36,000 that we saw over the weekend and much of the week before. Is Bitcoin getting boring now?
It may not be boring for long. Yesterday, we noted that large Bitcoin holders were increasingly adding to their already-plentiful stashes – a bullish signal for the price. Today, there are more positive signs to report. The balance held on centralised exchanges fell to 2.577 million BTC on Sunday, which is the lowest it’s been since May 16, according to data tracked by Glassnode. This means there are now fewer Bitcoins available, which can indicate that investors are taking direct custody of their Bitcoins in anticipation of a price rise. Is there excitement on the horizon?
There’s no need to look to the horizon for excitement if we look down the crypto rankings. Ethereum is still charging ahead, currently changing hands for around $2,340. That’s up more than two per cent since yesterday morning. Can it continue to increase?
Ethereum’s smart contract competitors are also looking strong at the moment, with Cardano (ADA) in particular bouncing along nicely after the weekend’s Grayscale news. It’s up at $1.44 again today. Can it hit $1.50 again for the first time since mid June?
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The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,462,932,006,912.
We closed yesterday, July 5 2021, at a price of $33,746.00, down from $35,287.78, the day before.
The daily high yesterday was $35,284.34 and the daily low was $33,213.66.
This time last year, the price of Bitcoin closed the day at $9,375.47. In 2019, it closed at $11,208.55.
Bitcoin’s market capitalisation at time of writing is $650.46 billion. To put it into context, the market cap of gold is $11.465 trillion and Facebook is $1.005 trillion.
The total spot trading volume reported by all exchanges over the last 24 hours was $25,883,375,435 down from $26,286,011,736 yesterday. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
The price volatility of Bitcoin over the last 30 days is 80.67%.