Bitcoin Goes For 173 Days Without a New Price Peak

The sideways drift for Bitcoin recalls the previous “crypto ice ages”, revealing how rallies are actually rare events.

If Bitcoin has seemed boring for a while, one of the reasons is the asset has gone more than 173 days without a new price record. The last two quarters saw BTC prices unravel from nearly $20,000 to the current levels around $7,500. The statistics show that the longest sideways drift for Bitcoin was between 2013 and the summer of 2017, when prices picked up again.

BTC has had its temporary peaks during that time, but failed to set new records. In the past weeks, BTC prices have been less volatile. After a bigger shakedown from around $8,000 to the current levels, BTC once again remained stable. BTC traded at 7,677.83, on thin volumes of $4.3 million in 24 hours.

 

There have been predictions for a new rally starting from July, but for now, BTC has been losing its appeal, and dragging down altcoins as well.

The more the price and trading of BTC stagnate, the more influential Japanese Yen trading becomes, according to CryptoCompare data. Right now, more than 63% of BTC volumes are against the Japanese yen, an all-time record. Even Tethers (USDT) have withdrawn, to around 15% of trading volumes. Outright USD investment has shrank from the habitual 20% to around 15%, and the share of the Euro is negligible.

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BTC prices have seen more predictions of a new bull run, but so far, the price rise has been limited, again continuing on a downward trend. But a further price weakness, with a bottom as low as $5,000, is also a part of the prediction.

The worst case scenario is for another two years of a long downward slide. The last Bitcoin rally coincided with the vast increase in USDT supply, along with an unprecedented public interest. BTC rose to new peaks almost constantly in 2017, on volumes of $1.5 billion that now seem extremely slim.

The dominance of BTC in terms of market capitalization has stagnated around 38.2%. And BTC has lowered its share of trading, which hovers around 30% of the market, as not all altcoins are paired with BTC, instead paired with USDT, Ethereum, or other assets.