Cryptocurrencylistings Markets: Cryptocurrencies enter a phase of consolidation
Bitcoin seems to be finding some stability, but there isn't much uplifting news concerning the current state of the cryptocurrency markets. On the bright side, Bitcoin and BNB have both experienced a price rise over the past week.
Nevertheless, the bulk of major cryptocurrencies are still seeing declines, with Bitcoin hovering around $29,164.71 at the moment, marking a 2.13% drop from the previous day. Ethereum is facing a steeper decline of 7%, falling from $1,976 to $1,837.87, which hints at a decrease in on-chain activity.
According to a recent report According to the Glassnode team, the market is entering a consolidation phase. With 'the longest consistent stretch of weekly losses ever recorded,' Glassnode expresses concerns that further dips could be imminent.
"Analyzing on-chain metrics, we note that demand for Ethereum and Bitcoin blockspace has plummeted to levels not seen in years, and the rate of ETH burning via EIP1559 has hit an unprecedented low,\" the report highlights. \"Taking into account underwhelming price actions, cautious derivatives practices, and sluggish block-space demand on both Bitcoin and Ethereum, it's reasonable to conclude that the demand side may face ongoing challenges.\"
Both Avalanche AVAX and Zcash ZEC are witnessing drastic drops, with prices plummeting over 14%. While TerraUSD UST had a brief rebound, it’s currently spiraling down again to $0.09, indicating it has a considerable distance to cover before it hits the $1 mark, with a decline of 13.51 not helping its stablecoin status.
Cryptocurrencies utilized in the NFT arena aren't faring much better either. Except for The Sandbox’s SAND, which gained 5.7%, other notable tokens are struggling. Flow has decreased by 6.45%, ApeCoin APE has dropped by 10.11%, Decentraland’s MANA has fallen by 2.37%, and Tezos saw a decline of 5.04%.
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