The cryptocurrency market has struggled to find direction in the past almost two months after hype-fuelled dramatic swings in April and May eventually ran out of puff.
As of press time, in the Top 10 big caps, Bitcoin (BTC) is changing virtual hands at US $33,350, Ether (ETH) at US $2,260, ripple (XRP) at US $0.62, Binance Coin (BNB) US $321, cardano (ADA) at US $1.38, Dogecoin (DOGE) at US $0.22, ChainLink (Link) at US $19, UniSwap (UNI) at US $21, Polkadot (DOT) at US $16 and Stellar (XML) at US $0.25.
The total market value of cryptocurrencies has dwindled to less than half of what it was near $2.5 trillion mark in April.
The entire cryptocurrency market has almost been closely moving in lockstep with bitcoin throughout the past two months.
The total market cap of Bitcoin plunged below US $600 billion on Monday, just half of its once whopping US $1.2 trillion value.
Looking at the current sell/buy volumes simply indicate subdued trading activity which contributing to relative stability in the otherwise highly volatile market. The loss of appeal is linked back to the market volatility itself because most speculators and traders are after fast-moving market conditions.
The important factor here is that unlike previous weeks there is no notable dip buying as fears of lack of momentum against the backdrop of the persistent negative outlook continue to fuel caution and broad risk-off sentiment in the market.