Bitcoin prices open mostly unchanged Tuesday and are looking at consecutive subdued sessions as investors look for the next catalyst to drive sentiment in the cryptocurrency market.
A single Bitcoin
was last worth $6,449.46, down 0.1% since Monday at 5 p.m. Eastern Time on the Kraken crypto exchange and has remained inside a $250 range over that period.
According to data from the CME Group Inc., volumes on the futures market decreased for the third consecutive trading session on Monday, with 2,480 transactions, and are down 69% since August 13, when more than 8,000 Bitcoin futures contracts changed hands.
CME Bitcoin futures volumes
Despite the slowdown in volumes, one analyst said the falling volatility is a good sign for proponents of digital assets. “A steady price range is healthy for Bitcoin as it increases its use as a stable store of value and gives developers of the network more time to build the infrastructure that will be needed going forward,” wrote Mati Greenspan, senior market analyst at eToro.
Read: Bets against Bitcoin have doubled since the beginning of August, exchange says
Altcoins drifting lower Tuesday
Altcoins, or coins other than Bitcoin, have stumbled out of the blocks for the second day running. Ether
which runs on the ethereum network, is down 1.6% to $281.22. Bitcoin Cash
is down 1.8% at $534.90, Litecoin
is unchanged at $55.74 and Ripple’s XRP coin
is trading at 33 cents, down 2.6%.
Bitcoin futures, which finished marginally lower Monday have had a relatively quiet open. The Cboe Global Markets Inc.’s September contract
is down 0.4% at $6,430 while the CME Group Inc August contract