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As the price of BTC continues to trade in a range of around $ 32,000, all eyes are on today’s largest GBTC unlock of over 16,000 bitcoins.
On the flip side, some of the altcoins have rebounded from the recent price drop, with DOGE jumping around 9% on a 24-hour scale.
All eyes on GBTC unlocking
After briefly crossing $ 33,000 on Thursday, bitcoin began to revalue and lost around $ 2,000 in one day. The bulls’ subsequent unsuccessful attempt to regain ground led to a further decline – this time the cryptocurrency hit its lowest price in three weeks at $ 31,000.
The trading volume remained relatively low over the following days and BTC failed to recoup most of the losses. It initiated a few sudden hikes and briefly exceeded $ 32,000, but is back below that level as of this writing.
What is perhaps more intriguing to watch today, however, would be the leading digital asset manager – Grayscale – and its Bitcoin Trust, more specifically.
As previously reported, GBTC stocks will see the biggest unlock of over 16,000 bitcoins on July 18. As such, the community and analysts have speculated on how the price would react with bearish sentiment gaining the upper hand.
DOGE Spikes 9% as the Alts recover
Alternative coins have suffered in recent days, with Ethereum dropping below $ 1,900 at one point. However, a 4% increase took the second largest crypto to around $ 1,960 as of now.
Binance Coin, Cardano, Polkadot, Uniswap, Bitcoin Cash, Litecoin and Solana are also slightly in the green. However, Dogecoin outperformed all of them with an impressive 9% increase.
As a result, DOGE is currently trading at just under $ 0.19. Nonetheless, the meme token is still around 75% of its all-time high reached just a few months ago.
Telcoin added the most value to low and mid cap altcoins with a 12% increase. Therefore, TEL is trading above $ 0.013. The KuCoin token (8%), Bitcoin Gold (7%), Elrond (7%) and Nexo (6%) follow.
In contrast, NEM and Revain lost the most with a 7% drop, followed by Basic Attention Token (-5.5%) and Flow (-5%).
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