Market Wrap: Stocks Make Gains While Bitcoin Sticks to $9,200

Published on by Coindesk | Published on

A bullish stock market left bitcoin behind Monday with the world's oldest cryptocurrency trading flat.

Bitcoin trading around $9,226 as of 20:00 UTC and flat, up only 0.10% over the previous 24 hours.

The absence of action in bitcoin is in contrast to the performance of global equities on Monday.

"In recent trading sessions, bitcoin traded in a narrow range of $9,100-$9,200," said Constantin Kogan, partner at cryptocurrency fund BitBull Capital.

Over the past few days, bitcoin has approached $9,320, only to see the price drop, Kogan noted.

"There is a clear lack of energy in the bitcoin market," said Chris Thomas, head of digital assets for broker Swissquote.

Despite the uncertainty, the bitcoin mining sector is showing no signs of slowing down, Kogan noted.

Regardless of the bitcoin volume slump, traders always find assets to trade.

Josh Rager, a trader and adviser for crypto brokerage LevelInvest has been focusing on altcoins - alternative assets to bitcoin.

Ether, the second-largest cryptocurrency by market capitalization, was flat Monday, trading around $238 and in the red 0.10% in 24 hours as of 20:00 UTC.Over the past year, Ethereum network fees have risen from 0.1131 to 0.5089 ETH. That is a 350% bump as usage of the network for decentralized finance, or DeFi, applications has increased.