The Cryptocurrency Market: Monday’s Trade
The cryptocurrency markets were trading in the red on Monday, with Bitcoin and Ethereum experiencing slight declines. Here are the key points:
– Bitcoin fell 0.06% to $29,006, while Ethereum was below the $1,850 level.
– Bitcoin’s price remained relatively stable over the weekend, trading within a narrow range.
– Shiba Inu (SHIB) saw a surge of over 20% due to news of its addition as collateral for flexible loans on Binance.
– The total volume in DeFi is currently at $2.32 billion, accounting for 10.5% of the total crypto market volume.
– The global cryptocurrency market cap was trading marginally lower at around $1.16 trillion.
According to CoinMarketCap, Bitcoin’s dominance is currently at 48.65%, indicating a slight increase.
ZebPay Trade desk commented on Bitcoin’s recent price movements, stating that it has been trading sideways with low volumes and hovering below its 50-day moving average. The asset experienced a correction and bounced back from a support level of $28,500. However, it failed to sustain above the psychological level of $30,000.
Crypto Cart: Quick Glance
– Bitcoin: $29,006, down 0.06%
– Ethereum: $1,829, down 0.11%
– Tether: $0.998, down 0.08%
– BNB: $242, down 0.55%
– XRP: $0.6162, down 2.57%
Hot Take
Despite the slight decline in the cryptocurrency market, Bitcoin’s stability and the surge in Shiba Inu suggest that there is still interest and potential for growth in the crypto space. Investors should closely monitor the market for any significant breakouts or downturns that may determine the future trend for these assets.
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