Cryptocurrency markets were trading lower in Monday’s trade, dragged by Bitcoin, Ethereum, Solana, and Dogecoin. The global cryptocurrency market cap declined by 1.6% to around $1.62 trillion in the last 24 hours.
At 9:50 am, Bitcoin was trading 1.55% lower at $40,999, while Ethereum was down 2.09% at $2,421. Whereas altcoins, such as Solana, Cardano, Dogecoin, and Internet Computer, fell over 4% each.
“The bearish trend persists for BTC, displaying a downtrend movement as it encounters resistance from the 20EMA on the 4-hour chart. Presently, it is hovering above the $40,500 support level. However, there’s no clear confirmation of a reversal or uptrend at this point,” said the CoinDCX Research Team.
“ETH, too, is navigating below the 20EMA after a considerable duration and is currently slightly beneath the support level at $2,450. It’s positioned just above the $2,390 support level. The overall outlook for ETH appears bearish, and a potential pullback might be anticipated from the key level at $2,390,” CoinDCX said.
Other significant altcoins declined, such as BNB, XRP, Avalanche, Tron, Chainlink, Polkadot, Toncoin, Polygon, and Shiba Inu; the total volume in DeFi is currently at $3.94 billion, 11.77% of the entire crypto market’s 24-hour volume. The volume of all stablecoins is now at $29.25 billion, 87.33% of the whole crypto market’s 24-hour volume.
In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, declined to $805 billion. Bitcoin’s dominance is currently at 49.82%, according to CoinMarketCap. BTC volume in the last 24 hours increased by 4.06% to $11.33 billion.”Bitcoin maintained a steady position at $41,000 over the weekend amid a challenging struggle between bulls and bears for market control. With BTC trading above the $40,000 zone, it is likely to move sideways within the $41,000 to $42,000 range,” said Edul Patel, CEO of Mudrex.
Meanwhile, Ethereum is currently priced at $2,400, and a failure by bulls to push past the $2,500 zone may result in Ethereum dropping to $2,400 during the week, Patel said.
Sathvik Vishwanath, Co-Founder & CEO of Unocoin, said, “Bitcoin and Ethereum are facing pivotal points, with price forecasts indicating cautious optimism while acknowledging neutral market trends. Investors continue to monitor key levels and potential developments in the evolving cryptocurrency landscape.”