The major crypto tokens were trading in the red on Monday, dragged by the losses in Bitcoin and Ethereum. Meanwhile, the global cryptocurrency market cap declined 1.26% to around $1.42 trillion in the last 24 hours.
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At 9.45 a.m., BTC was trading 1.05% lower at $37,321, while the second most popular token, Ethereum, was down 1.26% at $2,047.
Other popular altcoins, such as Solana and Polygon, plunged 2.6% and 2.8%, respectively. Also, BNB, XRP, Cardano, Tron, and Litecoin fell 1-2%.
With steady resistance to cross the $38k mark, BTC held steady above $37k over the weekend. Investors feel that BTC’s price action is beginning to show downside correction. If BTC fails to rise beyond $38k, it could see start a fresh decline for itself, said Parth Chaturvedi, Investments Lead, CoinSwitch Ventures
However, if we don’t look at BTC in isolation, many investors believe that it showcases upside potential for the crypto market, especially after Blackrock’s BTC ETF (iShares Bitcoin Trust) presentation to the SEC representatives, Parth added.
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Edul Patel, CEO of Mudrex, said, “Bitcoin breached the $38,000 threshold over the weekend. However, the bulls could not sustain this movement and the price consolidated around the $37,300 level. To keep the bullish momentum alive, Bitcoin will now need to clear the resistance around $37,700 or risk finding support around $37,100.”
The total volume in DeFi is currently $4.65 billion, 10.81% of the total crypto market 24-hour volume. The volume of all stablecoins is now $39.06 billion, which is 90.76% of the total crypto market 24-hour volume.
In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, fell to $729 billion. Bitcoin‘s dominance is currently 51.46%, according to CoinMarketCap. BTC volume in the last 24 hours surged 71.4% to $14.82 billion.
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“BTC has been consolidating for over three weeks within a broad range of $35,000 to $38,000. In the current week, BTC attempted to surpass the significant resistance at $38,000 but failed. A successful break and sustained hold above $38,000 would be considered a bullish sign. Conversely, breaking down the major incline trendline support at around $36,500 could lead to a decline in prices,” said CoinDCX Research Team
