Share this article
Bitcoin, Ether Slide for 4th Consecutive Day, While Altcoin Trading Volume Spikes
While the two largest cryptocurrencies trade near recent levels of support, lesser known altcoins trade at twice their average volume.
Updated May 9, 2023, 9:06 p.m. Published May 9, 2023, 9:06 p.m.
While bitcoin and ether slid for a fourth consecutive day to trim a portion of their respective 66% and 53% year-to-date gains, a couple of lesser-known altcoins rose on high trading volume Tuesday.
Bitcoin appears to be settling into a range, flirting with support levels around the $27,500 mark. The visible range volume profile (VRVP) tool shows high levels of trading activity between 28,000 and 27,400. Those “high volume nodes,” generally represent areas where price moves can stall, as they represent historic areas of agreement between buyers and sellers.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Lower volume nodes between 26,700 and 25,000 represent areas where prices could decline quickly, given the decreased levels of historic agreement.
A decline into this latter range would mean a few things for bitcoin:
- The current level of support will have been broken through to the downside.
- The lower range of bitcoin’s Bollinger Bands will have been breached, a traditionally bearish sign
- The next higher volume node to the downside sits at $23,950, roughly 14% below current prices.
Whether the spread between the upper and lower band increases will be key to watch, as it would indicate increased volatility, and in this case, downside risk. On Wednesday, bitcoin’s Bollinger Band spread increased by 5%, following seven days of declines.
The spread between ether’s Bollinger Bands has been declining over the most recent seven days, declining by 3% most recently. The narrowing volatility coincides with high volume nodes at $1,811, implying that near-term support exists for ETH prices.
Meanwhile, lower profile altcoins Litecoin and Bitcoin Cash were among the few digital assets in positive territory as they recently grained more than 3% and 10%, respectively over the previous 24 hours. The assets’ trading volume also more than doubled their respective 20-day averages.
Trading volume of smart contracts platform Cosmos’ ATOM token and decentralized network Filecoin’s FIL token also spiked. The uptick in activity – likely tied to network congestion on the Bitcoin and Ethereum blockchains – caused investors to look for alternatives.
But the spike may simply represent a reversal of oversized moves to the downside on Monday.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
ICP Rises, Keeping Price Above Key Support Levels
Internet Computer rose, keeping the price above the $3.40 support zone, with early session volume spikes failing to produce a sustained breakout.
What to know:
- ICP rose 0.6% to $3.44 as early session volume surged 31% above average before fading.
- Resistance near $3.52–$3.55 rejected multiple breakout attempts, keeping the token range-bound.
- Support between $3.36–$3.40 held firm, maintaining ICP’s short-term higher-low structure.
Top Stories
