- Santiment tweeted today that traders are growing disinterested in the cryptocurrency market.
- According to the post, altcoins suffered the biggest decline in trading volume over the past few weeks.
- At press time, the 24-hour trading volume stood at around $21.83 billion after a 14.93% drop.
The blockchain intelligence firm Santiment revealed in a tweet today that traders are showing disinterest in the cryptocurrency market as trading volumes have dropped over the past few weeks. The post noted that altcoins in particular have suffered the biggest decline in their trading volumes.
Meanwhile, at press time, CoinMarketCap indicated that the total volume in the cryptocurrency market over the past 24 hours had fallen 14.93%. Subsequently, the total was estimated to be $21.83 billion. Notably, stablecoins accounted for most of this trading volume and were responsible for 94.35%, or $20.6 billion, of the trading volume recorded over the past 24 hours.
From a technical perspective, the total market capitalization of all cryptocurrencies excluding Bitcoin (BTC) and Ethereum (ETH) (TOTAL3) was at risk of dropping to $328.406 billion in the upcoming week. This was after the total dropped below the key $345.326 billion support level on 2 August 2023.
Technical indicators suggested that TOTAL3 may continue to drop in the next few days. At press time, the 9-day EMA line was positioned below the 20-day EMA line, as the two lines crossed bearishly between 2 August 2023 and 3 August 2023. The 9-day EMA line also crossed bearishly below the 50-day EMA line during the past week.
Traders and investors will want to take note of the possibility of TOTAL3 entering into a medium-term bearish cycle in the coming week, as the 20-day EMA line was looking to cross below the 50-day EMA line as well. Should this cross happen, it will signal that momentum is in favor of bears and TOTAL3 will most likely continue to drop in the next few days.
Should this bearish thesis be validated, TOTAL3 may fall to $328.406 billion. On the other hand, if TOTAL3 is able to close a daily candle above the aforementioned $345.326 billion point, then it could climb to the next key mark at $360.604 billion in the upcoming week.
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