Bitcoin failed to produce any gains and is, in fact, losing grounds in an otherwise incredibly uneventful week.
The market has been relatively calm throughout the past seven days, and it failed to deliver any substantial increase (or decrease) in most of the cryptocurrencies, including Bitcoin.
Starting with the BTC price, it’s more or less where it was this time last week – slightly below $26,000. To be fair, the cryptocurrency is down around 0.8% over the past seven days, and it wasn’t for the past day, the week looked as if it never happened. The price hovered around $26K in search of a direction and never finding it. This all seemed about to change yesterday evening when BTC shot up to $26,500. The bulls were completely unable to maintain the momentum (if it can be called that), and the bears pulled it back below $26K, where it currently trades.
The same is true for most of the cryptocurrencies, all of which chart either very slight increases or decreases within the past seven days, all in the range between -2% and +2%, with no exceptions from the top 20.
With US holidays happening and the beginning of September generally being a time when a lot of people are still on vacation away from work, there haven’t been any major developments. In some more notable headlines, Ripple pushed for an important update that would see the integration of two major features on its network. It has to pass approval by the validating community, though, which is a relatively long process.
All in all, the market is searching for a direction.
There’s no telling when that direction will be found, though. The volatility is currently absent, which tends to happen during bear markets. But on the bright side – when things are calm, interesting products are being built, paving the way for the next big push forward.