Calm Before the Storm? Bitcoin Squeezing at $29K, SHIB Spikes on Binance News: Market Watch

The cryptocurrency market has seen its volatility dissipate throughout the past week, and yesterday was absolutely no exception.

Bitcoin’s price continues to struggle around $29K, while the rest of the market also failed to perform. Shiba Inu (SHIB) did spike a bit, but it was associated with specific news coming from Binance. Let’s take a look.

Bitcoin Squeezing at $29K

Bitcoin’s price has been completely unable to achieve any forward progress and is trading more or less where it was yesterday – at $29K.

The cryptocurrency attempted a push toward $29.5K, but the bears were quick to intercept the move and didn’t prevent any upward momentum, as seen in the chart below.

Source: TradingView

It turns out that the current bear market is the longest one in the history of crypto markets, spanning well over two years now, according to popular analysts.

Moreover, the recent lack of volatility is also turning heads. The 10-day realized volatility for Bitcoin is close to falling below the average of stocks, bonds, and even gold. In other words – BTC has been less volatile than gold. What a time. Typically, periods of calmness within the cryptocurrency industry are followed by vicious moves in either direction, so this might as well be the calm before the storm.

Altcoins Stagnant, SHIB Spikes on Binance News

All in all, the altcoin market has also been inactive throughout the past 24 hours, with major cryptocurrencies failing to chart any substantial movements, be it to the upside or to the downside.

Yet, the picture looks better than yesterday.

Source: Quantify Crypto

SHIB is the best performer from large-cap cryptocurrencies, charting an increase of around 5%. The main reason for this seems to be news related to Binance.

The largest exchange has added SHIB as a collateral asset on its platform, meaning that users can now use it to take loans.

Elsewhere, today’s best performer from the top 100 is XDC Network (XDC) which is up 14%. The worst performer is Litecoin (LTC), which, despite its halving, is down 9% on the week and 4% on the day.


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Cryptocurrency charts by TradingView.

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