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This week in crypto, major cryptocurrencies like Bitcoin, Ethereum, and Litecoin witnessed considerably low volumes, with analysts leaning towards a short-term bearish market outlook in price update.
Bitcoin Hovers Above $26,000 Amid Consolidation Period
Bitcoin (BTC), the number one cryptocurrency by market capitalization, experienced a tepid week. The current Bitcoin price update shows it is hovering above the $26,000 level, losing 1.8% in the past 24 hours. Analysts anticipate that Bitcoin’s prices may hit lows of $23,000 in the coming weeks. The bearish outlook is due to low interest in risky assets and a lack of market catalysts.
However, a renowned data analysis firm has predicted that Bitcoin’s price will likely surge after the much-anticipated halving event in 2024. Based on their examination of past cycles, the firm suggests a general consolidation period for Bitcoin until then.
Ethereum and Litecoin See Low Volumes, DOGE, and XRP Lose Value
Along with Bitcoin, other major cryptocurrencies like Ethereum and Litecoin also faced the challenge of low trading volumes, latest price updates show. Ripple’s XRP and Dogecoin (DOGE) suffered significant losses among top coins. XRP’s price declined by 3.1%, while DOGE dropped by a substantial 5.6%. Market participants are cautious and monitoring events and trends that may affect the cryptocurrency movement.
