Bitcoin gained over 4% today as Polkadot lost more than 6% of its value.
Top cryptocurrencies traded low early on Monday following decreased trade volumes. However, BTC managed to continue its upsurges, extending its weekly higher moves. Excluding stablecoins and BTC, the rest of the top ten assets remained lower early today. Bitcoin gained over 4%, while DOT lost more than 6%.
The total cryptocurrency market capitalization stands at $2.30 trillion, marginally low than yesterday. Meanwhile, the global market volume lost almost 1% to hover at $97.05 billion. While the financial space appeared focused on Washington’s debt, BTC rose gradually, recording its best week after several months.
The crypto market excitement appears to continue. Mudrex executive Edu Patel unveiled that top alternative coins secured sturdy support. He also stated that the cryptocurrency market recorded steady profits in the last 24 hours.
Stablecoins’ volume stands at $78B, an 80.5% of the overall cryptocurrency market’s 24-Hr volume. Patel believes that the coming 24 hours would be fascinating as volumes surge and traders secure an opportunity for profit-booking.
After waiting for the US BTC ETF for several years, the crypto enthusiast may access four products in the coming weeks. The White House considers different outlooks on the crypto space to prevent the increasing cybercrime and ransomware threats.
Meanwhile, China still attacks cryptocurrencies. For now, the nation proposes adding crypto to a list of industries where investing is prohibited. However, the state planner’s document shows that China reduced sectors on this list.
A recent Bloomberg report showed that Tether lent cryptocurrency companies billions, and it has various outstanding near-term loans to large firms in China (CoinDCX Research Team). That is somewhat concerning as multiple real-estate companies in China collapsed in the last few weeks.
With such uncertainties, cryptocurrencies across the market had witnessed sight correction. However, BTC shows resilience, conquering all odds to maintain an up stance. That shows growing confidence as far as the flagship coin is concerned.
Though with the ups and down, most analysts believe that the crypto market will always win. What are your thoughts on that? Share your views in the section below.