Crypto Market Remains Stable as BNB Surpasses Two-Month High
The cryptocurrency market's capitalization has remained relatively unchanged over the past 24 hours, hovering around $2.18 trillion. Trading activity in both crypto and equity markets is low due to the holiday season.
Bitcoin's price retreated to $63,300 on Tuesday but found support at its 50-day moving average. The leading cryptocurrency has struggled to break away from this trend line, which is nearly horizontal, indicating neutral sentiment in the market.
Binance Coin (BNB), however, rose to a two-month high of $620 before encountering resistance at its 200-day moving average and pulling back to $610. BNB's steady uptrend since August has maintained its gap relative to the 50-day moving average, with the 200-day average now acting as a barrier to growth.
Institutional selling has distorted Bitcoin's role in this regard, but large addresses are building up their positions, with the number of addresses holding over 10,000 BTC rising to 90, a six-month high. This is in contrast to balances in small wallets, which have been declining in August.