Bitcoin has found stability in the low range of $6,300 to $6,400, demonstrating decent volume at around $3.8 billion and pushing its dominance index to 56.1 percent.
Well performing tokens including WanChain, VeChain, Decentraland, and Waltonchain have recorded large losses against the US dollar in the range of 5 to 10 percent, most likely due to the struggle of ETH, the native cryptocurrency of Ethereum, to recover beyond the $200 mark.
The cryptocurrency market is still in the process of bottoming out in a low price range and the past weeks have shown that the market remains unaffected by both negative and positive developments in the space.
In a bull market, any one of the developments the cryptocurrency sector has seen this week would have caused the price of major cryptocurrencies including Bitcoin to surge rapidly.
Rather, the price of major cryptocurrencies has been driven solely by the market, as obvious as it may sound. The announcement of Bakkt had virtually no impact on the price of Bitcoin and Ethereum, even though it was characterized as one of the most positive developments in the cryptocurrency sector in recent years.
In the upcoming weeks, stability in the market will likely continue, as it had done throughout August 6 to August 28. But, positive developments will contribute to the next mid-term rally, as the market establishes a strong infrastructure to support large-scale institutional investors.