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Home»Bitcoin»Bitcoin & Ethereum – Traders, Should You Play This Waiting Game?
Bitcoin

Bitcoin & Ethereum – Traders, Should You Play This Waiting Game?

2024-04-30No Comments3 Mins Read
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  • Crypto trading volumes have plummeted to January lows.
  • Bitcoin and Ethereum prices have fallen slightly, impacting market activity.

The crypto market is witnessing a significant lull, with trading volumes dropping to levels not seen since the beginning of the year.

This downturn has been accompanied by a noticeable drop in the prices of major cryptocurrencies, including Bitcoin [BTC] and ether [ETH] down 4.6% and 0.3% respectively in the past week.

According to the latest data, Bitcoin was hovering around $62,858, while Ethereum was trading at around $3,141.

On April 30, market information platform Santiment announced via a X (formerly Twitter) messagereported that this decline in trading activity was in line with a broader sense of uncertainty among traders.

The once-popular rallying cry to “buy the dip” has died down, and the bullish chatter that usually accompanies hopeful market cycles has diminished significantly.

Furthermore, a significant portion of the market is holding on to their assets, driven by the ‘fear of missing out on any recovery gains’.

Bitcoin and Ethereum: Future Possibilities

This market behavior has led to a grim consolidation period for Bitcoin, with no significant increases or sharp declines observed.

Santiment highlighted this period of indecision, noting that the current situation is characterized by a lack of sales, supported by traders’ reluctance to miss out on potential profits.

The platform also suggested to be alert to a rise in trading volume, which could signal an upcoming market-wide rally as the calendar turns to May.

The recent decline in Bitcoin trading volume is a stark reminder of the diminished market enthusiasm. From a high of over $23 billion last week, trading volumes have fallen to just under $20 billion.

See also  Bitcoin Runes: Analyzing the Shift in Network Activity and Costs

This decline is likely a cooling of the tension created by Bitcoin’s recent halving and inflows into ETFs, which are now showing signs of waning interest.

Farside Investor Data indicated that Bitcoin spot ETFs saw modest inflows of $51.6 million on April 29 – a sharp decline from previous months.

What’s next?

Because the hype surrounding major catalysts such as the Bitcoin halving and the ETFs are disappearingthe market remains awaiting the next big wave.

The potential adoption of Ethereum-based ETFs could be just the spark needed to restore investor confidence and revive market activity.

As it stands now, the cryptocurrency community is watching closely, waiting for signs of a further decline or an unexpected rally that could redefine the current landscape.

Next: Russia’s crypto ban starts in September 2024, but there are some exceptions

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