Crypto Traders Flock to Altcoins Amid Bitcoin Price Malaise

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With many crypto traders sitting on the sidelines and awaiting news from China, volumes for bitcoin, the market’s most highly traded asset, have seen a decline.

Market participants traded 6,670 bitcoins through Bitfinex, one f the world’s largest exchanges by volume, in the 24 hours through roughly 21:30 UTC today, more than 50% less than the daily average of 17,900 bitcoins over the last week.

Likewise, volume has declined at major Chinese exchanges Huobi, OKCoin and BTCC, all exchanges whose policies have been affected by directives from that country’s central bank.

Against this backdrop, bitcoin’s price has stabilized, fluctuating between a daily high of $1,011 reached at 01:15 UTC and a session low of $1,001.00 hit at 07:00 UTC, CoinDesk Bitcoin Price Index (BPI).

The 14th February session provided a similar story, as bitcoin prices moved within a slightly larger range between $987.33 and $1,106.44, additional BPI figures reveal.

The rangebound trading that bitcoin has experienced may form part of a broader trend, according to Vinny Lingham, market analyst and CEO of identity startup Civic.

Lingham told CoinDesk:

“I expect bitcoin to consolidate around $1,000 for a while, maybe a month or even two.”

While some might embrace such a period of lower volatility,

Read more ... source: CoinDesk

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