Bitcoin Holds Steady While Major Altcoins SUI and PEPE Plunge
Bitcoin held steady on Monday while popular altcoins plunged as the largest cryptocurrency by market cap regained its recent lack of volatility.
The asset was at the time of writing trading for $26,131 per coin, according to CoinGecko, having not budged at all in the past 24 hours. What’s more, it has seen stayed still over the last seven days.
Bitcoin touched yearly highs of $31,000 per coin after BlackRock, the world’s biggest asset manager, submitted a Bitcoin exchange-traded fund (ETF) application to the U.S. Securities and Exchange Commission in June.
But it experienced a rapid dip 10 days ago after spooked investors decided to pull out following news that Chinese Evergrande Group had filed for Chapter 15 bankruptcy protection in New York. There has also been a general loss of interest due to sluggishness from the SEC to approve the long-awaited product.
Its big dip came, according to experts, because of the lack of liquidity in the market right now and its vulnerability to big players making big movements.
James Butterfill, crypto investment firm CoinShares’ head of research, said Monday that “recent price action reflects market indecision.”
Despite Bitcoin’s relatively lack of movement, a number of altcoins took a beating on Monday. The layer-1 blockchain platform developed by ex-Meta (formerly Facebook) engineers Sui was doing 6.7% in 24 hours, trading hands for $0.54.
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While meme coin Pepe continued to experience a sell-off. It is currently the worst performing digital asset in the past week: its price was down over 2% in the past day but over seven days had lost nearly 17% of its value.
The new digital asset last week took a hit after millions of dollars-worth of the cryptocurrency were moved from wallets to exchanges.
The post Bitcoin Holds Steady While Major Altcoins SUI and PEPE Plunge appeared first on Crypto News Australia.
Filed under: Bitcoin - @ August 28, 2023 5:03 pm