Benchmark cryptocurrency bitcoin (BTC) has had an underwhelming start to the day, with the BTC/USDT pair slipping below US$29,000 after losing around one percent in the Asia trading window.
At the time of writing, the pair was swapping near to US$28,900, a low last seen more than five weeks ago.
With little to excite investors in recent weeks, trading volumes have tanked to multi-year lows, bringing spot prices down with them.
Whether the long-term trend is a correction closer to the US$25,000 mark, where bitcoin was trading prior to the BlackRock pump, remains to be seen.
In the short term, there is fairly substantial bullish support at US$28,500, where a strong wall of buy orders is placed, per the Binance order book.
Will bitcoin retrace back to 25k? – Source: currency.com
Ethereum (ETH) hit a four-week low of US$1,816 this morning, though has since budged back up to US$1,833.
The second-largest cryptocurrency is over one percent lower week on week, compared to bitcoin being 0.8% lower.
Bitcoin dominance is sitting below 50%, deflated by comparatively good performance among some of the blue-chip altcoins.
Binance’s BNB token posts gains
Binance’s BNB token, despite being a regulatory punching bag this year, has added 3.5% over the past seven days, bringing its market capitalisation above US$37.8bn.
Binance’s strategy has been to move away from the hawkish US regulatory scene and to that end, has just set up shop with a regulatory licence in Dubai.
Other top-20 altcoins, namely Solana (SOL), Cardano (ADA), Litecoin (LTC) and Bitcoin Cash (BCH) have added low single digits to their respective market caps.
The top altcoin mover, however, is Shiba Inu (SHIB), with the meme coin adding nearly 7% to bring its market cap above US$4.9bn.
Global market cap across the entire cryptocurrency market is US$1.16tn, having dropped 1.8% overnight.