The attached overview from Coin360 illustrates the development of the crypto market over the past seven days. The total crypto market cap currently stands at $928 billion which is slightly lower than that of the previous week. Bitcoin’s market dominance increased slightly to 42.6%.
Bitcoin’s market cap decreased fractionally to $395 billion. The market dominance of Ethereum (ETH) consolidated to 15.7%, while the market cap of the number 2 coin decreased slightly in the process to $146 billion.
Crypto market caught in trading range
The intro speaks volumes: the market has been trapped in a tight trading range since mid-June. Bitcoin has been fluctuating around $20,000 for many weeks without moving.
In a broader perspective: the total market cap i.e. including BTC has not exceeded $1,000 billion since the beginning of June which is a warning sign. A year ago, the crypto market stood at roughly 10%.
So it is waiting for new positive impulses to make the market break out upwards. Crypto lender Celsius has filed for Chapter 11 or some form of bankruptcy. Supplied documents show that there is a “hole in the balance sheet” of $1.2 billion. So this is not exactly a positive boost for the market. On the other hand, the crypto market is still doing reasonably well and this development seems to be priced in by the market. So that is another small bright spot.