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Cryptocurrency News Articles
Bitcoin and Ethereum Trading Sideways as Crypto Markets Await Direction
May 08, 2024 at 11:05 pm
Bitcoin and Ether stabilized on Thursday after a brief dip below $19,000. European stocks fell, U.S. futures slipped, and Tesla shares dropped premarket. Huobi's HT token and Elrond's EGLD were top gainers, while Ribbon Finance's RBN and MetisDAO's METIS declined. Notably, Bitcoin's 30-day volatility has fallen below that of the S&P 500, a trend previously associated with Bitcoin price bottoms.
Bitcoin and Ethereum Sideways, Crypto Markets Seek Direction
In a lackluster trading session, Bitcoin (BTC) and Ether (ETH) moved sideways on Thursday, maintaining their positions from the previous day. BTC briefly dipped below $19,000 but swiftly rebounded to settle around $19,150. ETH, while down slightly to around $1,290, remained above its weekly average.
The cryptocurrency market lacked significant movers, with only Elrond's EGLD and Huobi's HT token posting gains of 3% to lead the day. Traditional markets, however, saw a downturn, with European stock indices falling and yields on U.K. government bonds climbing. U.S. stock futures also dipped, dragged down by Tesla's 5.4% premarket decline after the electric carmaker released underwhelming third-quarter revenue figures.
CoinDesk Market Index: Gains and Losses
The CoinDesk Market Index (CMI), a broad-based index measuring the market capitalization-weighted performance of the digital asset market, revealed mixed performance among its constituents.
Leading the gainers was Chain (XCN) with a 12.17% surge, followed by Radicle (RAD) and Biconomy (BICO) at 7.2% and 7.07%, respectively. These tokens represent various sectors within the digital asset ecosystem, including currency, computing, and smart contract platforms.
On the losing side, Ribbon Finance (RBN) topped the list with a 5.38% decline, followed by MetisDAO (METIS) and Rally (RLY) with losses of 2.88% and 2.75%, respectively. These tokens belong to the DeFi, smart contract platform, and culture and entertainment sectors.
Shifting Volatility Dynamics
A notable development in the cryptocurrency market has been the decrease in volatility compared to traditional asset classes. According to a chart shared by Bianco Research, bitcoin's 30-day volatility has fallen below that of the S&P 500 for the first time since July 2021.
This shift has been observed on only four other occasions in bitcoin's history, each of which coincided with significant local market bottoms. As Noelle Acheson, author of the Crypto is Macro Now newsletter, cautions, patterns do not always repeat, but the correlation is worth acknowledging.
The subdued volatility in the cryptocurrency market suggests a potential stabilization after the recent price declines. However, with macroeconomic uncertainties still lingering, the direction of the market remains uncertain, and investors are advised to exercise caution and conduct thorough research before making any investment decisions.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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