The global cryptocurrency market capitalization fell 2.14% to $1.9 trillion as major cryptocurrencies slipped on Tuesday evening.
What Happened: Bitcoin (CRYPTO: BTC) traded 2.23% lower over 24 hours at $44,652.40. On a seven-day trailing basis, the apex cryptocurrency has declined 2.38%.
See Also: How To Buy Bitcoin (BTC)
Vitalik Buterin co-created Ethereum (CRYPTO: ETH) was down 3.96% over 24 hours at $3,006.39. For the week ETH fell 4.92%.
Cardano (CRYPTO: ADA) slipped below $2 and traded 6.33% lower over 24 hours at $1.92. For the week, ADA gained 14.1%.
Shiba Inu-themed Dogecoin (DOGE) fell 6.65% to $0.29. DOGE was up 13.79% over seven days.
On Tuesday, the top 24-hour gainer was Arweave (CRYPTO: AR). The coin shot up 37.8% to $26.14 and was up 74.11% for the week.
AR, the token of a decentralized storage network, rose 40.47% and 43.35% against BTC and ETH, respectively.
Over 24 hours, some Decentralized Finance or DeFi tokens saw upwards momentum at press time with Avalanche (CRYPTO: AVAX), Terra (CRYPTO: LUNA) recording significant gains.
AVAX and LUNA rose 30.85% and 13.96% to $24.46 and $24.33 respectively in the period.
Why It Matters: BTC trading volumes are thinning and higher prices in such a scenario point to an “exhausted market,” as per Arcane Research, reported CoinDesk.
“We want to see a clear uptick in volume if the BTC price jumps up towards $50K again,” wrote Arcane Research.
The cryptocurrency research firm said that after seven-day average BTC trading “pushed towards $7 billion last week, we’re now back to $5 billion.”
Bitcoin miner revenue is rising amid a recovery in hash-rate from July lows, as per blockchain and intelligence provider Glassnode.
Glassnode noted in a blog that since the halving in May 2020, aggregate miner income fell from near 9.5 BTC/EH to a low of 5.6 BTC/EH in May.
“As protocol difficulty adjusted in response to the Great Migration, miners who remained online have now seen their BTC income grow by 57% per hash to around 8.8 BTC/EH,” wrote Glassnode.
The data analysis firm pointed to a metric called Short Term Holder – Net Unrealized Profit/Loss (STH-NUPL) and said that short term holders of BTC have returned to profitability.
“Coins moved within the last ~5 months are on net, slightly above their aggregate cost basis,” wrote Glassnode.
Glassnode termed the current market conditions a bull market disbelief rally.