Despite the many buzz around Bitcoin breaking $40,000 and aiming for $45,000 resistance next, the number one crypto has remained stagnant just below the coveted level.
Similar to Bitcoin, majority of altcoins have been indifferent in the past 24 hours with most of them charting little losses.
The story is different with RUNE however as it has spiked sporadically over the past 24 hours.
Bitcoin stagnates at $40,000
Bitcoin is currently going in circles as it tries to break above $40,000 properly. In the past 24 hours, the coin has simply hovered around $40,000. However, a consolidation around this area, which is also serious support, could potentially be positive.
At press time, Bitcoin trades at $39,555 a -2.1% decrease in its value in the past 24 hours.
Technical indicators reveal that when BTC eventually beats the $40,000 level, its first resistance would be at $40,500 as it appears a confluence of technical resistance sits there. However, as soon as it breaks the level, it would be a massive boost for future upsurge.
Similarly, there is likely to be a shift in market sentiment once it breaks $40,000. Currently, the fear and grid index appears to be neutral as prices begin to improve in the market.
When the market was in the heat of a serious bloodbath, the index indicated that hodlers were apprehensive of holding crypto.
BTC market dominance remains at 46% with its market cap closing in on $750 billion.
Altcoins refuses to record significant gain or loss
Market action again emphasizes how hard it is tied to BTC such that when the number one crypto surges it follows and when it plunges it follows.
This time, BTC’s stagnation has rubbed off Altcoin market too. Some alts are charting mild losses, while others mild gains. In general, the large-cap coins saw no meaningful changes over the past 24 hours.
THORChain’s RUNE token leads the surge, however, with a 35% surge in one day. It marks as the biggest gainer.
This is despite the token being hacked twice over the past months. It got hacked last week also with over $8million compromised. It appears to be coming out of the hack fine.
Ultimately, the entire crypto market is pegged at $1.6 trillion, a 0.4% drop in its value on Wednesday.