Major cryptocurrencies underwent a lethargic stretch over the weekend, with altcoins reflecting a subdued price activity. This quasi-stable phase in the market endures in the aftermath of a significant liquidation event, one of the grandest in recent memory. During the Asian afternoon hours, the price of Bitcoin held firm at over $26,000, and Ether remained in hitting distance of its Sunday mark of $1,670.
Interestingly, this tepid performance was punctuated by slippages in Xrp, which shed about 2% of its value, while Litecoin rose by a similar value. To note, these two were the only major cryptocurrencies that deviated from the ‘flat-market’ narrative that spanned the sector.
The meme cryptocurrency, Shiba Inu, also witnessed a downward slide, shedding 2% more, rounding up its week-long loss to more than 21%. This drop is perceived as the fallout of the botched launch of its Ethereum layer 2 network, Shibarium. In essence, transactions hit a wall shortly after the network sprang to life last Wednesday, with over $1.7 million worth of tokens believed to be trapped owing to a code glitch, crippling normal transfer between dual blockchains.
On the brighter side, altcoins such as Optimism and Rollbit Coin registered profit, buoyed by a surge in user activity. Specifically, Rollbit Coin leapt by a handsome 18% over the past 24 hours, a trend heralding a robust protocol usage that shows no intentions of languishing.
Despite the current market stillness, Bitcoin investors seem undeterred. Their optimism stems from the notion that the asset’s price is considered to be in discount territory relative to its fundamentals, as highlighted by Michael Silberberg, the head of investor relations at AltTab Capital. He has noticed an uptick in Bitcoin futures trading of late.
Although there has been an uptick in short-side interest, increasing accumulation has been witnessed on either side, indicative of significant bets being placed on Bitcoin’s price curve. Silberberg also revealed a net inflow over the past week, as long-term investors perceived discounted prices as opportune moments to increase their Bitcoin holdings.
Source: Coindesk
