The crypto market is meandering and is still deciding which way to go this Monday morning. The Friday dash has stabilized over the weekend and the market is now looking for more action. Most of the crypto-board is red though marginal movement is the order of the day as very little transpired overnight.
The market capitalization is still at $121 Billion. The trading volume got a new $2 Billion addition at $20.6 Billion but can be traders cashing out their profits. The Bitcoin dominance is now at 52.8%.
Bitcoin tried to get over $3700 earlier but was not able to muster enough support to push through the resistance. At the moment, it is trading at $3649 (CMC) with a -0.11% loss on the day. Trading volume is still on the high side at $6.2 Billion and the market capitalization is steady at $63.9 Billion. According to seasoned traders, overcoming the $3700 resistance can finally free the Bitcoin from its bearish condition and enter a more positive and confident scenario. On the downside, the support is at $3590 and crossing that can spell disaster for this new trend.
Ethereum is still on a bright sunny spot this Monday morning. First, it has managed to reflip XRP. Second, it went as high as $125 before settling to its current price at $120. On the day, it has earned 2.46% which is not to be sneezed at given a mostly red day today for most coins. On the other side, XRP managed to lose -0.38% though it has remained pegged above $0.30 at the moment.
The Top 10 has been disappointingly quiet for the past 24 hours. Majority of the coins are at 0-1% gain/loss. Binance Coin is the better player today with a 4.74% gain on the day. It continues to cement its position on the Top 10 club and is now just a few heartbeats away from $10. The next ones are far behind at a 1+% gain. Litecoin, still at the 4th position on the market cap earned 1.10% gains on the day, while its immediate rival EOS gained 1.66%.
Dash is the star of the Top 25 digital assets as we enter the new week. The release of the Dash Core v0.13.1. pushed its price to $79.06 with a 7.39% gain on the day. It went from $74 to its current place in a short time and is only a matter of time before it crosses the $80. The rest are at minimal gains lead by Ethereum Classic, Cardano, and NEO at 2+% growth. On the other hand, IOTA is the biggest loser at a -1.57% loss on the day.
Down the Top 100, Ark pumped to as high as 26% before coming back down at 12.61% gain on the day, which is said to be due to a release of a feature in their mobile wallet. It is now exchanging hands at 12.61%. There are no other double-digit gainers as most of the coins are just coming out of their key support levels in the short term. Meanwhile, Metaverse ETP is our biggest loser today at -9.21% loss, followed by Quant at -8.74%.
At the outset, the consolidation process seems to be steady, though slow. The market is still undecided and we might see some weakness during the week. It remains to be seen though if the bulls can defend the market run and continue to pursue a strong bullish activity till the end of the week.