Monday was a quiet day for major cryptos, including Bitcoin (BTC) and Ethereum (ETH), which saw only lacklustre market action over the weekend in what emerged as one of the lowest volatility periods in crypto history.

Bitcoin is holding out at just over $29,300 as Ethereum hovers around the $1,850 mark, with minimal gains for investors in the absence of any major events that could serve as a catalyst to spark buying pressure. Other major cryptocurrencies and mid-tier altcoins, such as Cardano (ADA) and Solana (SOL), tended to follow Bitcoin's pattern. 

Given the lack of action in the crypto mainstream, it's perhaps unsurprising that traders turned to meme coins such as Shiba Inu (SHIB) and Pepe (PEPE), which both rallied over the weekend. In particular, open interest in SHIB futures reached record highs.

Historically, this kind of action on speculative assets on the fringes of the crypto market could be a sign of bullish action to come in the wider digital asset space as the market heats up before a price breakout at the top.

What's next for crypto?

As low volatility reigns, analysts are projecting what will be the next event to dramatically shift the market. An anticipated ruling on Bitcoin ETFs from US regulators is expected to inject volatility back into the market, but lawmakers appear to be dragging their feet on the issue. 

Bitcoin also faces another looming event that has historically driven up prices, and this one is irrevocably built into the blockchain in the form of its next halving of mining rewards, scheduled for April 2024. Analysts expect an accumulation of BTC before the upcoming halving event introduces even more scarcity. This is supported by the latest data from Glassnode, which shows that the total number of Bitcoin addresses with a balance of at least 1,000 BTC (the equivalent of over $29 million) has gone up from 2,005 to 2,015 since the start of August. Pundits point to these new whales as a sign of bullish momentum brewing under the surface.

StormGain Analytical Group 
(platform for trading, exchanging and storing cryptocurrency)