Bitcoin and Ethereum edged cautiously higher on Friday morning after a week of low volatility and appetite for risky assets.
The two leading cryptocurrencies were both changing hands 0.2% higher, which is a negligible movement for historically volatile digital assets, at US$19,956 and US$1,357 respectively.
Bitcoin is struggling to hold value above the US$20,000 support level – a point that had not been reached in a week before Tuesday.
Both the world’s two most popular digital assets have sunk more than 70% in value in less than a year from their respective all-time highs (ATH) of around US$68,500 and US$4,800 seen in November 2021.
Despite the minor gains for most cryptos this week, ongoing bleak financial data from global markets seemed to be largely contributing to the lack of appetite for risk assets, which cryptos certainly are.
The vast majority of the ‘top 100’ coins followed in the footsteps of their larger rivals, with 89 of them trading in positive territory on Friday morning.
Terra Classic – which was the only crypto to change by more than one percentage point – was the standout performer amongst the so-called winners, advancing 4.4% as it tries to push into the ‘top 30.’
Further down the pecking order, Ravencoin lost the biggest amount of its value, trading 1.5% lower compared to the price it ended on yesterday.
Historically, to have fewer than a dozen cryptos moving by more than one percentage point in a day is astonishing.
But investors have generally been staying far away from digital assets in recent months, with households and consumers watching their pockets and placing money into safer havens rather than riskier cryptos.