Bitcoin (BTC) was comfortably holding around the $21,500 mark on Monday. The crypto behemoth rose about 4 per cent in the last 24 hours to scale $21,780 levels, according to the data from coingecko.
The total market capitalization of Bitcoin surged over $407 billion, with a dominance close to 41 per cent. Bitcoins worth more than $16.5 billion exchanging hands in the last 24 hours.
Edul Patel Co-Founder and CEO, Mudrex said that despite today’s decline, Bitcoin still remains at the $21,000 level indicating no signs of any sharp move. “It is likely to trade sideways between $21,000-22,000 range, with easing of pressure,” he said.
However, its largest peer, Ethereum (ETH) outperformed, rising close to 6 per cent in the last 24 hours to hit an intraday high of $1,274.67 on Monday, before paring up some gains. It has jumped over 10 per cent in the last one week.
The second largest crypto asset was commanding a marketcap close to $150 billion at the time of writing this report. Volumes of Ethereum were quite higher as tokens were $12.45 billion exchanged hands in the given time period.
Other altcoins including Solana, BNB, Avalanche and Tron were also trading with strong gains. However, XRP, Cardano, XRP and Shiba Inu were trading with losses.
Crypto has been trending in the greens since Bitcoin and Ethereum made sizable recoveries over the weekend. Leading cryptos made a strong recovery, according to CoinDCX Research Team.
Bitcoin is holding strong as the International Monetary Fund expects the US economy to ‘narrowly avoid’ recession this year and the next, following the rollout of the US Federal Reserve’s hawkish policies to curb inflation, it added.
The crypto markets were badly hammered earlier this year amid the Federal Reserve rate hikes, high inflationary pressure, Terra LUNA debacle and war crisis.
Bitcoin and Ethereum have wiped out more than two third of their values from their recent peaks. However, other tokens have seen worse than them.
However, crypto investors are still worried over the consequences of the crypto winter- a common term used for the bear market in the digital assets, which usually lasts for quite a long period and is not over yet.
Vineet Budki, Managing Partner, Cypher Capital said that the Crypto Winter is nothing new. It is a cyclical event and happens every 4 years as history suggests.
It will serve as a learning curve and accelerator in laying the groundwork for a more stable and profitable sector on a global scale, he added. “Tokens with actual use cases will survive,” he said.