Major cryptocurrencies traded mixed on Monday night amid speculation of a possible appeal by US regulators in the Ripple case and a dip in enthusiasm for a Bitcoin ETF.
| cryptocurrency | gains +/- | Prize (Recorded at 9:30pm EDT) |
| Bitcoin (CRYPTO: BTC) | -2.73% | $29,083 |
| Ethereum (CRYPTO:ETH) | -1.63% | $1848 |
| Dogecoin (CRYPTO:DOGE) | +5.59% | $0.075 |
What happened: According to data from Kaiko, Bitcoin’s volume dominance has fallen to its lowest level since April, at just 27%.
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This decline is primarily due to the surge in altcoin trading fueled by the Ripple ruling and regulatory adjustments. It is worth noting that offshore exchanges saw the sharpest declines, while altcoin activity on US exchanges saw a noticeable increase.
It is important to mention that the use of World Coin is currently banned in the US.
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Meanwhile co-founder of Ethereum Vitalik Buterin has expressed concern about the project and expressed doubts about its long-term viability beyond the initial market upturn. Such remarks have caused many to question the future prospects of this company.
Top Gainers (24 hours)
| cryptocurrency | gains +/- | Prize (Recorded at 9:30pm EDT) |
| XDC | +16% | $0.059 |
| trust wallet | +7.61% | $0.9336 |
| Dogecoin (CRYPTO:DOGE) | +5.59% | $0.075 |
Currently, the global crypto market cap stands at $1.17 trillion, up 2.28% over the last day.
The S&P 500 and Nasdaq Composite were up 0.4% and 0.2%, respectively. The market rally was helped by a stronger-than-expected earnings season, but Wall Street is also eagerly awaiting Wednesday’s Federal Reserve policy decision.
Learn more: Best Crypto Day Trading Strategies
Analyst Notes: “Consolidating bitcoin trading has caused price action to hover closer to lower limits as volatility vanishes. “Short-term support from $29,500 broke earlier today and if bearish momentum builds, key support could target the $27,500 region,” he wrote Edward MoyaSenior Analyst at OANDA.
He added: “The crypto news flow was uninspiring as many traders focused on OPENAI’s Sam Altman’s Worldcoin crypto project. It takes a new catalyst to excite bitcoin traders and right now it seems like price action is destined for a widening formation, potentially targeting the $27,500 and $31,500 zone.”
Crypto Analyst Michael Van de Poppe provides a more comprehensive picture of the current situation: Bitcoin price is currently above the 200-week moving average (MA) and the exponential moving average (EMA).
“We have been trending up since $15,000. We face a key resistance at $32.5,000. Even if we dip back to $27,000, the uptrend is still strong,” he said.
In a recent interview with the crypto influencer Scott Melkeranalyst McGlone shared his vision for the future of the king cryptocurrency. While he still believes Bitcoin has the potential to hit a six-figure price in the long-term, he warns that a dip below $20,000 could occur before that milestone is reached.
“Remember, I made the call [a] $100,000 bitcoin when it was trading below $20,000… Long term I’m still sticking with it but I think it’s more likely to drop 50% and drop to $20,000 and even make a new low before embarking on this trend.”
Photo courtesy: Shutterstock.com
continue reading: Jim Cramer advises against using Binance, prompting strong reactions from Twitter users
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