Bitcoin Consolidation Continues With Low Trading Volume, Celsius Recovers 30% Weekly

Bitcoin continues to hover around $23,000 after another day without decisive moves in either direction.

The weekend is pretty quiet for altcoins as well. Most are slightly in the red on a daily scale, with Avalanche being one of the few exceptions.

Bitcoin consolidation continues

Last weekend was significantly more volatile for the crypto market. Bitcoin, for example, soared above $24,600, a six-week high. This rise in prices was fueled by the US Fed’s latest rate hike and President Biden’s refusal to admit that the country had entered a recession.

However, the bulls’ strength weakened in the following days. BTC fell below $23,000 on a few occasions, the lowest of which was on August 4 at $22,500.

However, he bounced back and even tried his hand at $24,000 shortly after, but failed there. As a result, it bounced back to $23,000 and spent most of the next few days at that point. This lack of meaningful price action comes amid a lack of highs trading volumes.

As such, BTC’s market cap remained below $450 billion and its dominance still stands at 40.4%.

Altcoins Calm, too

Somewhat unexpectedly, altcoins are also quite calm on a daily scale. Ethereum was among the best performers yesterday rising to a multi-week high above $1,700. Now, however, the second-largest cryptocurrency is back below that level, after falling 2%.

Most other higher cap alts are also on small daily drawdowns. Binance Coin, Ripple, Cardano, Solana, Polkadot and Dogecoin are all in the red right now.

Avalanche is the only altcoin in the green. It’s up almost 3% to $26.

Interestingly, Celsius has gained 6% in a day and over 30% weekly. As a result, CEL is trading north of $1.3.

The cumulative market cap of all crypto assets remains calm at just under $1.1 trillion.