Bitcoin prices are trading marginally higher Monday as investors look for a catalyst to break prices out of their lull.
In early Monday trading a single bitcoin
was changing hands at $6,604.87 up 0.9% since Sunday at 5 p.m. Eastern Time on the Kraken exchange.
While traders pine for volatility, proponents of the underlying technology are relishing the suppressed volatility, pointing to growing use cases for an asset that doesn’t possess intraday swings of around 10% like it has in the past.
“As we’ve stated many times, a stable price is great for adoption, and great for development of the network. So, we really are in a positive place for bitcoin right now,” wrote Mati Greenspan, senior market analyst at eToro.
The total value of all cryptocurrencies was last at $220.2 billion and has traded between $215 billion and $225 billion for the most part of October, according to data from CoinMarketCap.
Read: Investors think cryptocurrency prices would rise in a recession, Fundstrat survey finds
Altcoins, or coins other than bitcoin, are moving higher with bitcoin Monday. Ether
was up 0.5% at $224.23, Bitcoin Cash
was up 1.6% to $519.00, Litecoin
had gained 0.9% at $57.80 and XRP
the coin of the Ripple protocol, was the best performing altcoin, trading up 2.6% at 48 cents.
Bitcoin futures are following spot prices higher on Monday. The Cboe Global Markets October contract
was up 0.9% at $6,595 and the comparable CME Group October contract
was up 1.7% at $6,640.
Read: This is where cryptocurrencies are actually making a difference in the world
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