The cryptocurrency market stabilized and moved into a phase of consolidation

Volatility in the cryptocurrency market is still weak, Bitcoin got stuck at the level of slightly above $5,000.

As of the date of releasing this review, the weighted average Bitcoin (BTC) exchange rate is $5,267. As of March 16, the first digital currency market capitalization is slightly above $96 billion.

Analysts believe now we are facing a phase of consolidation, which can last from a few days to a few weeks. Many investors adopted a wait-and-see strategy before the American stock market to open, as this market was traditionally regarded as a key indicator of the global economy health.

Let us recall, at the end of the last week there was a rapid capital outflow from the cryptosphere in the context of the main stock index fall, and this provoked Bitcoin to drop below $ 4000 on some trading marketplaces.

Big Chonis Trading (@BigChonis) tweeted on March 15, 2020:

‘$ BTC – just waiting for the Stock Market to open tomorrow 9:30 AM EST USA … #bitcoin following, not leading …’

A slight recovery of positions happened on Friday and Saturday, but, in general, volatility is still weak. Now, top altcoins and BTC are traded in the green zone, however, their value increase is small. Ethereum (ETH) and Ripple (XRP), the second and third top-valued coins, reached $122 and $0.151, respectively. Now, the cryptocurrency market capitalization is slightly above $151.101 billion, the Bitcoin Dominance Index grew up to 63.8%.

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