Bitcoin is hovering around $29,000 within two weeks, but market analysts forecast more disturbing decreases.
Breaking through $30,000 remains challenging as the largest cryptocurrency has been stuck at around $29,000 over the last two weeks, according to on-chain data. Bitcoin is trading at $29,003 at the writing time, a 2.02% decrease within 24 hours.
Bitcoin’s market capitalization fell below $564 billion, while the 24-hour cryptocurrency trading volume plunged 14.16% to $33.48 billion. The total cryptocurrency market capitalization reached $1.16 trillion, a 2% decline in one day.
Why is The Market Down?
As Bitcoin’s price hits a roadblock, altcoins face headwinds. The altcoin leader Ethereum is reportedly down 1.41% amid a wave of Ethereum ETFs filings.
By the end of July, Volatility Shares allegedly filed for a new Futures ETF called “Ether Strategy ETF.” Following Volatility’s move, other institutions, including Bitwise,…
