Bitcoin continues to uncharacteristically lack any volatility as the cryptocurrency remains trading around $22,400. Altcoins are in a similar state, with most of the larger caps barely moving. FLOKI took advantage and broke into the top 100 after a massive daily surge.
On Friday, as the Silvegate problems intensified, the price of bitcoin fell sharply, falling from over $23,400 to just under $22,000 in a matter of minutes. However, this is the last price action for the cryptocurrency in the coming days.
The weekend was somewhat quiet as trading volumes fell. Still, Monday didn’t generate any big price moves, as BTC traded in a tight range between $22,300 and $22,600.
All of that could change later today when Federal Reserve Chairman Jerome Powell is scheduled to testify before Congress on the central bank's monetary policy. Given the history between Fed rate hikes and BTC price volatility, it is safe to assume that there will be some volatility today, and indeed, throughout the rest of the week, as there are more events and announcements in the US.
Most alt coins have also been stuck in the same positions as they have been for the past few days. Minor daily gains in Ethereum, Binance Coin, Ripple, Dogecoin, Shiba Inu, and Tron are evident. Polygon was the biggest gainer in the top 10, up 2.5 percent on a daily basis to $1.15.
In comparison, losses in OKB, Cardano, Solana, Polkadot, Litecoin, TONCOIN, and ATOM were insignificant. FLOKI is a few exceptions. In fact, memecoin surged 15% in one day, which helped it break into the top 100 cryptocurrencies by market capitalization.
But overall, the cumulative market capitalization of all crypto assets remains stuck at around $1.020 trillion.
