Bitcoin and Altcoin Market Update: Sideways Trading and Sudden Dips

Bitcoin’s Status Quo: Up, Down, and Flat

As of October 15, Bitcoin (BTC) has been on a rollercoaster of emotions, trading sideways for most of the day with a little dip in the last few hours that has many crypto enthusiasts holding their breath. After hitting an intraday high of approximately $8,400, our dear BTC decided to take a tropical vacation below the $8,200 mark, resulting in a more than 2% loss today. It’s the kind of drama you’d expect from a soap opera!

Volume and Market Share: A Dwindling Feeling

Bitcoin’s average daily trading volume is currently floating around $15 million. If you think that sounds impressive, just wait until you hear that its market share has dwindled down to 66.3%, the lowest since early August. Alas, even the once mighty BTC has its downs!

What Are the Experts Saying?

Cointelegraph contributor filbfilb sees the writing on the wall, predicting that Bitcoin might dip to test that $8,000 line once again. He mentioned in his Telegram channel, “Moving averages are crossed bearish on every major timeframe up to but not including the weekly.” Sounds complicated, right? Basically, the charts are looking like a sad face right now!

Ether’s Tricky Terrain

As BTC experiences its ups and downs, it’s clear that Ethereum (ETH) isn’t faring much better. Trading around a disappointing $180 after reaching a peak of $187, ETH has also experienced a 3.07% drop. Just when everyone was rallying for a climb towards $190-$200, it seems gravity has put its foot down, reminding us that even cryptos aren’t immune to the laws of physics.

Altcoins Take a Hit

To add to the already gloomy atmosphere, altcoins are not having their best day either. The top 20 cryptocurrencies by market cap are primarily showing red, with EOS suffering a more than 6% decline, while Tron (TRX), Cardano (ADA), and Chainlink (LINK) suffer losses around 5%. But wait—hold your horses! Bitcoin SV (BSV) is in the spotlight, enjoying gains of about 4% and trading nearly at $90! Which makes you wonder, is it time to jump on the BSV train?

Market Overview: The Broader Picture

As it stands, the total cryptocurrency market cap has settled at a whopping $222.5 billion, with Bitcoin still claiming its throne at 66.3% of the total market cap. Clearly, BTC is still the king, even if the kingdom is experiencing a few storms. It’s a wild ride, folks, one that brings both laughter and tears.