Over the last 24 hours, the Bitcoin price has remained fairly stable in the $6,300 region with its volume stagnant at around $3.7 billion.
Stellar (XLM) has increased by nearly six percent as the anticipation towards the potential listing of XLM by Coinbase, the world’s largest fiat-to-crypto exchange, continues to intensify.
The rest of the market has struggled to initiate an upward movement, which was expected given that trading activity in the cryptocurrency exchange market tends to subside during the weekend.
While the valuation of the crypto market increased slightly from $211 billion to $213 billion on Saturday, it has fallen back down to $212 billion, as Ripple (XRP), Litecoin (LTC), Monero (XMR) and several other cryptocurrencies recorded a minor decline in value in the range of 0.5 percent to 2 percent.
As Whale Alert and cryptocurrency trader The Crypto Monk reported, tens of millions of dollars worth of Bitcoin have been moved from cryptocurrency exchanges to wallets over the past week.
“Just in case you haven’t noticed yet, tens of millions of dollars in BTC have been transferred from exchanges to unknown wallets.”
It is possible that whales, or big investors, have started to move funds from exchanges to non-custodial wallets to avoid selling the dominant cryptocurrency in a low price range. But, it is also a possibility that the growing fear towards the U.S. government’s crackdown on exchanges, as seen in the case of EtherDelta, led large Bitcoin holders to move funds to wallets they can exercise full control over.
Despite an overall increase in volume and the general positive sentiment in the market, technical indicators show a bearish short-term movement for BTC.
“Managed to crawl back into the range. A close around $6,350 today would not only be a weekly retest of demand but also a daily retest of the trading range. A move below support today would spell trouble so it’s definitely a close to watch,” said technical analyst Don Alt, suggesting that if BTC drops below the $6,350 mark, it could trigger a further drop into the $6,200 region.
Possibly due to increasing property sales on its virtual reality world powered by the Ethereum blockchain, Decentraland, the 63rd largest cryptocurrency in the market, increased by more than 10 percent in value.
The rise in the price of Decentraland follows yet another high profile property sale in its virtual reality world for more than $100,000.
In the past month, MANA, the native cryptocurrency of Decentraland, has risen from $0.067 to $0.098, by more than 46 percent.
The strong performance of MANA and several other tokens like Maker comes during a period in which the U.S. Securities and Exchange Commission (SEC) is investigating into various token sales to evaluate whether tokens can be considered as securities under existing regulatory frameworks.
Last modified: March 4, 2021 3:10 PM