Crypto markets experienced slight declines on Monday, with major digital currencies such as Bitcoin, Ethereum, Cardano, and Avalanche leading the downward trend.
Despite this, there were notable gains over the weekend, particularly with Bitcoin surging past the $42,000 mark, accompanied by increases in other alternative cryptocurrencies.
As of 11:39 am Bitcoin was trading at $42,164, marking a decrease of 0.84%, while Ethereum saw a 1.05% decline to reach $2,266. Over the weekend, Bitcoin climbed back above $42,000, aligning with the performance of equities.
A number of well-known alternative cryptocurrencies experienced decreases in value, with notable examples including Avalanche, Cardano, Internet Computer, Shiba Inu, Polygon, and Dogecoin, all registering declines within the range of 1% to 3%.
Despite the overall decrease in the global crypto market cap, which fell by 0.92% to approximately $1.62 trillion in the last 24 hours, trading volume surged by over 13% to $40.16 billion during the same period.
Crypto Market Cap and Dominance
In the past 24 hours, Bitcoin’s market cap, as the leading cryptocurrency, dropped to $828 billion, with its dominance currently standing at 50.89%, according to data from CoinMarketCap.
Bitcoin’s trading volume over the same period saw a notable increase of 14% to reach $15.4 billion. According to ZebPay Trade Desk’s Tech View, Bitcoin’s recent movement suggests sustained interest from bullish investors, with robust buying preventing further declines.
Following its successful breach of the crucial resistance threshold at $28,500, Bitcoin embarked on an impressive rally, surging by approximately 71.8% and reaching a peak price of $48,969.
However, a ‘Shooting Star’ candle formed at this peak, failing to secure a daily close above the crucial $48,000 resistance. Consequently, prices corrected by around 21%, dropping to $38,555.
Even in the face of this market adjustment, Bitcoin demonstrated resilience by holding firm above the pivotal support level of $40,000. The presence of a lower shadow around this milestone suggests a sustained appetite for buying among investors, reinforcing the cryptocurrency’s support at this crucial threshold.
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