Bitcoin keeps on trading within a narrow range formation, as its volatility stays low. At the same time, the first cryptocurrency’s dominance rate continues to increase, as reported by analysts from Hacked outlet.
According to CoinMarketCap, BTC price has dropped by a little more than 1% over the past week. BTC was staying within the same price range throughout the said period of time. This Monday saw the price peaking at around $3 750 before the rally started losing its momentum. The hourly chart view, based on Bitstamp crypto exchange data, shows weak underlying momentum, this being the indicator of relatively calm market and low price correction risks.
Notably, such a stable trading range has been accompanied by a trade volume increase. Since Sunday, cryptocurrency exchange trading has exceeded $5 billion. Crypto exchange BitMEX keeps on maintaining its leading position in BTC trading volume despite the news about account closures due to the pressure from U.S. regulators. With $64 billion-large market cap, bitcoin leaves other coins in the dust, thus remaining the world’s largest cryptocurrency. BTC dominance rate is 52.4%, as of press time. It has been invariably exceeding 50% since mid-August 2018.
Under the bear market, altcoins tend to follow the BTC price fluctuation pattern, with XRP and ETH being notable exceptions from this rule. As for bitcoin, its volatility has decreased significantly within the last 30 days to just 4.17%, which is the lowest rate since November 23, 2018.