Bitcoin prices were marginally lower Tuesday, on track for consecutive subdued sessions as investors look for the next catalyst to drive sentiment in the cryptocurrency market.
A single bitcoin BTCUSD, -0.15% was last worth $6,423.55, down 0.4% 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.
Altcoins resume downtrend
Altcoins, or coins other than bitcoin, stumbled out of the blocks for the second day running. After a resurgence late last week, Ether ETHUSD, -0.43% has slipped for the second day running, trading down 3.6% to $275.40. The seconds largest digital currency has lost 14% since trading above $320 on Saturday.
Bitcoin futures finished in the red for the second day running. The Cboe Global Markets Inc.’s September contract XBTU8, +0.16% closed down 0.8% at $6,405 while the CME Group Inc August contract BTCQ8, -0.23% finished Tuesday down 0.1% at $6,425.