Bitcoin Stalls Below $60,000 – Do More Losses Loom?

Bitcoin Market Overview: Bitcoin Stalls Below $60,000 – Do More Losses Loom?

Bitcoin initially moved slightly higher at the start of the weekend. The coin breached $60,000 only briefly during the period after occasionally dipping below $58,500. Volume remained steady and almost always above $50,000,000,000. Currently BTC is trading at around $57,000.

Bitcoin supply is now dropping to levels not seen at this point in previous cycles. At the same time, more and more BTC users are getting on board – and adoption is approaching late 2017 levels. Analytics firm Glassnode points out that BTC liquidity recently fell to its second-lowest level in three years.

Ethereum trades flat

Like Bitcoin, Ethereum is essentially trading flat. Activity and price Bitcoin Up largely followed the path of BTC, and price traded within a band in the $1,800 range all day. Volume rose slightly, to over $28,500,000,000.

LINK disappears

LINK supply is also falling – in much the same way as bitcoin (to Plus500’s buy bitcoin guide). Glassnode reports that two of the three largest LINK withdrawals from exchanges occurred on 23 February and 7 March.

Rugpull on BSC

A hack on the Binance Smart Chain puzzled observers. TurtleDEX suddenly disappeared on 19 March, with Twitter users pointing out that the project was actually very popular and could gain organic attention.

It could have been viable, but apparently the 9000 BNB the owners scammed was worth it to them.

At the time of writing, BitTorrent (BTT) leads the gainers with a 54.8% jump. Most coins are showing decreasing volatility, and none of the ten fastest rising coins in the last 24 hours are moving 1% per hour at the time of writing.

One coin that is not currently in the top 100 is VeThor (VTHO). It ranked 100th and posted an 88.4% gain, but dropped along with the gains it was able to pull in earlier in the day. At the time of publication, the coin is back in 104th place.