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Bitcoin (BTC-USD), Ethereum (ETH-USD) and other cryptocurrencies gave up a small chunk of their year-to-date gains during Monday afternoon’s trading as market participants brace for a week of corporate gains and monetary policy decisions by a number of central banks, including the Fed.
The global crypto market cap slipped in tandem with the stock market, falling 4.6% to $1.03 trillion by just before 3:51 p.m. ET, according to CoinMarketCap data. After hitting nearly $24,000 in the previous session, Bitcoin (BTC-USD) retreated 4.3% to $22.71K and Ether (ETH-USD). 5.1% to $1.55,000.
Nonetheless, the market sentiment seems more optimistic as the tokens are still up 36.2% and 27.6%or since early 2023. Time will tell.
Top 3 crypto losers over the past 24 hours included Lido DAO (LDO-USD) -11.7%Flow (FLOW-USD) -11.8% and near (NEAR-USD) -11.2%, CoinMarketCap data showed. On the other hand dYdX (DYDX-USD) +7.1%mine (MINE USD) +4.2% and gate token +0.9% were the three biggest winners.
The broad crypto rally that began in 2023 is nothing more than a “bull trap that will make FOMO investors jump into investing,” said Seeking Alpha contributor Serge d’Adesky. However, longer-term, he expects Bitcoin (BTC-USD) in particular to hit $102,000 by mid-summer 2024.
Crypto-exposed stocks also took a hit during the day, with some of the biggest decliners being: Marathon Digital (MARA) -10.5%Coinbase Global (COIN) -7.1%Greenidge Generation (GREE) -7.8% and MGT Capital Investments (OTCQB: MGTI) -15.3%.
Going forward, a recent CoinShares survey showed that ether (ETH-USD) is expected to shine the most among cryptos, including Bitcoin (BTC-USD).
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