The cryptocurrency markets experienced a rather steady phase in the past 24 hours, with the total capitalization marking a minor increase of about ZAR 107.22 billion. This translates to a subtle upward shift, with several major cryptocurrencies displaying marginal gains. However, the overall trend continues to remain within a tight range, mirroring the broader sense of indecision dominating the global crypto markets, including South Africa.
Bitcoin, the flagship cryptocurrency, continues to hover around the ZAR 535,100 level, unable to break free from this range. Let’s delve into how it fared in the South African market and beyond.
Stagnant BTC Price at ZAR 535,100 ($30K)
Bitcoin’s continuous tryst with the ZAR 535,100 mark indicates a lack of decisive momentum on either side. Bulls have struggled to reclaim the level convincingly, while sellers haven’t been successful in driving the price towards another support zone either. Meanwhile, altcoins have been unable to seize this period of Bitcoin’s stagnation to make significant strides. This situation is manifested in Bitcoin’s dominance – a metric assessing its share relative to the rest of the market. This measure too has remained relatively unchanged at 46.6% in the past 24 hours. A heatmap of the last day paints a predominantly green picture, although the majority of the gains are rather minor. For instance, prominent cryptocurrencies like BNB, ADA, ETH, UNI, XMR, LINK, and several others failed to register an increase of even 1%.
Bucking this trend was TRON’s TRX, a cryptocurrency that experienced an 8% upswing on the day, placing it among the top performers within the top 100 coins by total market capitalization. South African traders with exposure to TRX would have seen a noticeable uptick in their portfolio’s value. XDC Network’s (XDC) performance was even more notable, exploding by approximately 15.5% within 24 hours, making it the highest gainer for the day. Following closely were Casper Network’s CSPR and TRX.
Conversely, FLEX Coin (FLEX) suffered a downturn of 14.6%, illustrating the variable dynamics at play within the market. Aside from these outliers, the rest of the market largely adhered to the flat trend.
The moderate volatility in the cryptocurrency market over the past day serves as a reminder for South African investors about the necessity for careful monitoring and strategic decision-making within this complex and often unpredictable investment landscape.
*All currencies in the article have been converted to South African Rand ZAR