The Bitcoin price has remained solid over the past couple of days, losing only 1% of its value over the past 24 hours. Currently, Bitcoin is declining below the $6,400 mark despite the low volumes recorded on the cryptocurrency market.
The total market cap is also positive above the $250 billion mark, even though the major digital assets (except Bitcoin) failed to record any movement on the upside and downside. Still, the low volume has led the market to a steady decline.
While Bitcoin recorded a daily volume of $3 billion, Ethereum struggled to see a volume of over $1 billion. As of July, the volume of BTC remains above the $4.2 billion mark and the volume of ETH also recovered to $1.4 billion – resulting in a better position of the market compared to the one of last week.
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Still, the Bitcoin price is in a downtrend – followed by Ripple (XRP) and Bitcoin Cash (BCH) which recorded 2% loss in the past few hours. The high daily volume of Tether (USDT) – the asset hedged to the US dollar – the market is showing a high level of volatility.
Forecasts say that in the short-term, the market will continue to struggle when initiating a potential surge – and the lack of demand from the bulls and lack of pressure from the bears will likely result in it to remain at the current levels.
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However, if the volume of stable coins such as USDT (Tether) continues to surge, a slight correction can be expected in the short-term. The scenario of the Bitcoin price falling to $6,000 is not excluded too.
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