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Bitcoin holds near $90,000 as trading volumes shrink, altcoins diverge: Crypto Markets Today
Source: CryptoNewsNet Original Title: Bitcoin holds near $90,000 as trading volumes shrink, altcoins diverge: Crypto Markets Today Original Link: Bitcoin remained relatively stable over the past 24 hours, trading within a narrow price range and reverting back toward Thursday’s lows.
The largest cryptocurrency is currently a tick above $90,000, firmly in the range it has been stuck in since late November as trading volume dries up.
Daily volume fell 9% in the past 24 hours to $38 billion, a far cry from a few months ago, when it regularly ranged between $80 billion and $130 billion.
The lack of trading activity coupled with low liquidity has led to choppy price action across bitcoin and altcoins, with several spikes over the past few months that rapidly get reversed, punishing traders that trade with leverage.
The altcoin market is giving mixed signals on Friday; Polygon rose by 7.8% since midnight UTC after announcing it was pivoting to become a neobank. Maple Finance and Zcash also posted gains, while tokens including SKY and TON moved to the downside.