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.
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.
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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