Cryptocurrency’s lingering lull
Bitcoin was down 3.7% on Wednesday, ending the day near the $30.2K level, which it remains near on Thursday morning. The overall subdued sentiment towards cryptocurrencies coincided with a pullback in stock indices. However, the dynamics of the previous days suggest that this is more of a coincidence than a correlation.
Cryptocurrencies have entered a period of the most pronounced and prolonged lull since late 2020, as the total cryptocurrency cap hovers between $1.2 and $1.3 trillion for almost a month. This lull is also reducing trading volumes, as the entire cryptocurrency industry often attracts the attention of lovers of solid moves.
In the past 24 hours, Ethereum has lost 0.5%, hovering around $1800 at writing. Altcoins from the top 10 show small multidirectional movements from a 0.75% decline (BNB, Solana) to a 0.7% rise (Polkadot).
The cryptocurrency fear and greed index were down 6 points to 11 by Thursday and remains in “extreme fear”.
