Cryptocurrency prices went through a period of consolidation during the weekend after showing mixed trends for most parts of last week. The virtual coin market seems to have carried the weak momentum from the weekend on Monday as most cryptocurrencies fell.
Bitcoin Tests $40,000
Bitcoin, the world’s most popular cryptocurrency, fell marginally but remained above $40,000 at 12:41 pm, down over 3.28 per cent. Bitcoin’s market capitalisation remained stable at $755 billion. While Bitcoin fell, its closest rival Ether rose to $2624.94, up over 1.26 per cent. Ether’s market capitalisation also rose to $306 billion.
However, most other altcoins fell today following last week’s strong rally. The price of XRP, Cardano, Stellar, Dogecoin, Chainlink and Litecoin fell in the range of 1.3-2.5 per cent.
Commenting on the slight weakness in the cryptocurrency market, Edul Patel, CEO and Co-founder of Mudrex, a global algorithm based crypto trading platform, said, “We are witnessing a bit of consolidation across most cryptocurrencies. This consolidation was, nonetheless expected, after a strong rally during the past few days.”
“The technical indicators showed that both Bitcoin and Ether are hovering around the local resistance levels. The momentum of these coins at this point would influence the rest of the market movement,” he added.
“Over the next 24 hours, we can expect the markets to remain a bit indecisive. Cryptocurrency ‘fear and greed’ index shows the market sentiment to be neutral currently.”