Bitcoin (BTC) Markets Trade Sideways Despite Key Metrics Rising

Cryptocurrency markets are trading sideways despite key Bitcoin metrics rising.

Cryptocurrency markets remained largely rangebound on Friday, despite some key Bitcoin (CRYPTO: BTC) metrics continuing to rise.

Bitcoin was trading flat at $58,500 early Friday, having risen more than 30% from recent lows around the $44,000 level. The world’s largest cryptocurrency by market capitalization has now traded in a relatively tight range between $55,000 and $62,000 for several weeks.

Despite the lack of significant price movement, some key Bitcoin metrics have been rising. The Bitcoin realized price, which is the average price at which each coin was last moved, hit a record high of $24,600 on Thursday. This metric is seen by some analysts as a key indicator of the cryptocurrency’s fair value.

Rising Bitcoin Realized Price: CryptoSlate reported on Thursday that the realized price of Bitcoin hit a new all-time high of $24,600. This metric is calculated by dividing the total market capitalization of Bitcoin by the circulating supply. It represents the average price at which each coin was last moved. According to the pseudonymous analyst PlanB, Bitcoin's fair value lies between its realized price and market capitalization.

Bitcoin Trader Updates: In a recent tweet, crypto trader Justin Bennett stated that it would be typical for Bitcoin to run both sides and then continue sideways when everyone is expecting $70,000, referring to the common price target among traders.

Meanwhile, crypto trader Degen Hardy took to Twitter to chart out Bitcoin's behavior after every U.S. election, highlighting the coin's tendency to pump afterward. Sharing the chart, Hardy wrote, “Patience fam, PUMP is soon!”

Finally, another trader, CryptosBatman, drew parallels between Bitcoin's current and October 2023 performance, showcasing a local top formed in the first week of the month before the coin rallied. While he observed a similar setup currently, he expressed concern over the recent weak candles. “Let’s hope BTC holds its current level and pushes higher in the coming weeks,” he concluded.

The broader cryptocurrency market was also trading largely flat on Friday. A few exceptions included Chainlink (CRYPTO: LINK), which was up more than 4%, and Filecoin (CRYPTO: FIL), which was down more than 3%.

The crypto market cap stood at $3.06 trillion, and the 24-hour trading volume was $163.3 billion. Among the top 100 cryptocurrencies, the top gainers were Oasis Network (CRYPTO: ROSE), which surged more than 13%, followed by Chainlink and NEAR Protocol (CRYPTO: NEAR).

On the other hand, the top losers were Filecoin, which dropped more than 3%, followed by Bitcoin Cash (CRYPTO: BCH) and Monero (CRYPTO: XMR).

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