Bitcoin and Ethereum remain stuck in a sideways trade

The crypto markets have inched slightly down in the past 24 hours, with global market capitalisation currently sitting at US$921bn.

Bitcoin’s relentless sideways trade remains a point of anxiousness for traders, with speculation of a significant breakout mounting.

But having dropped a slight half of a percent to US$19,130 over the past day, the world’s largest cryptocurrency is still struggling to regain the key US$20,000 price point.

 

BTC remains stuck in a sideways trade – Source: currency.com

Ethereum is acting in a similar manner, having also dipped half a percent to bring its exchange price down to US$1,290.

There has been little action in the large-cap altcoin space. Ripple (XRP), BNB coin, Cardano (ADA) and Polkadot (DOT) have all traded sideways, while Solana (SOL) and Polygon (MATIC) have dropped around 2% apiece.

Among today’s biggest losers are metaverse game Axie Infinity’s AXS token, which dipped over 5%, and Quant blockchain’s QNT coin, which fell almost 9%.

Aptos, the newly launched blockchain from ex-Facebook developers, is struggling to find its feet in its first week.

The network’s APT token is changing hands at US$7.49, nearly 50% below its launch value, while concerns over the blockchain’s performance have also been raised.

In the decentralised finance (DeFi) space, Lido DAO and derivatives exchange Synthetix are trending in the right direction, while MakerDAO suffered a 6% hit, bringing its market capitalisation down to US$1.05bn.

Total value locked across all DeFi protocols is US$52.84bn.