Crypto Market Stuck in Neutral as Investors Wait for Better Offers
The crypto market has been stable for three days, hovering around $2.86T in capitalisation. This stability is surprising given the strengthening of the dollar and rising global government bond yields. However, investors are waiting for a better offer or signs that traditional markets are bottoming out before making moves.
Over the past 24 hours, there has been some profit-taking among the most liquid coins, with SHIB, CRO, and DOGE experiencing declines of -12.1%, -7%, and -6.5% respectively. In contrast, LINK, DASH, and LITECOIN have seen gains of 5.1%, 5%, and 3.8%.
The major cryptocurrencies are under pressure due to their ties to traditional markets, where sentiment is cautious. Bitcoin has been trading between $83K and $84K over the past day, with intraday volatility narrowing. It's finding support at a former strong resistance level, which halted its rise in May and September.