Bitcoin Stalls While Altcoins Move, Coinbase’s BTC Holdings Drop to 4-year Low
Bitcoin dominance has dropped to 44% as altcoins begin a revolt with largest altcoin Ethereum leading it just as it did in a similar revolt in July. Bitcoin’s price has been moving in a rather frustrating manner, currently ranging at the $47k zone after plunging to a low of $46,530 since August 27. In the same vein, US-based crypto exchange Coinbase’s Bitcoin holdings has dropped to a low not recorded since late 2017.
Price of Bitcoin at Stable Area
Reports from analysts indicate that the flagship cryptocurrency is stalling at the price stability area after moving against predictions from on-chain metrics and fundamentals. According to expert analyst Willy Woo, Bitcoin has a large pool of support at its current levels.
More than 1.50 million of BTC have been bought between the price range of $45k and $50k. Woo had reiterated on Twitter that the top crypto asset was moving toward another price stability area. Short term indicators are weak and investors are accumulating on-chain, which indicates a Bollinger squeeze. A breakout from $50k could expedite the move to $60k, Woo added.
Furthermore, the area around $51k touted as a strong resistance zone for Bitcoin will likely collapse within a short period. However, the actual timeline is not known.
Meanwhile, investors are stacking Bitcoin ahead of the next bull run tipped to take the price of the asset beyond its former ATH. In view of this, Coinbase has reported a decline in its Bitcoin holdings not recorded since late 2017, currently at 700k BTC. According to reports, nearly $20 billion in stablecoins (USDT, USDC, BUSD) has been observed across centralized exchanges as investors prepare to get into the market at the best prices possible.
On-chain analytics provider, Glassnode stated in reference to its data that following a period of accumulation after the sell-off in May, the US-based crypto exchange has seen a massive Bitcoin outflow, especially to cold wallets.
Coinbase Bitcoin balance chart; Source: Glassnode
Ethereum Spearheads Altcoins’ Bull Run
Synonymous to times when Bitcoin is consolidating, Ethereum has led another altcoins’ run after moving above the $3,500 mark earlier on Wednesday. Cardano (ADA) is up by almost 1% on the day and changing hands at $2.82. Binance coin (BNB) has leaped a little by 2.3% while meme token Dogecoin is trading at $0.28, 1% up after breaking the resistance zone of $0.27.
As expected, not all altcoins will move. Thus, Solana is down by 5% after climbing to an all-time high of $130 on Tuesday. Nonetheless, it has had an impressive run since the past two weeks, leaving $36 to above $100. Gaming token, MBOX has plunged by 15% and newly listed token on Binance exchange, Coin98 is trading 10% below its peak.
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