Bitcoin, Ethereum, Dogecoin Slip Into The Red But Solana Is Shooting For The Moon


Major coins were seen treading red waters Monday evening as the global cryptocurrency market capitalization fell 4.36% to $1.95 trillion.

What Happened: Bitcoin (CRYPTO: BTC) fell 4.46% to $45,565.67 over 24 hours at press time and slid 1.13% over a seven-day trailing period.

The second-largest coin by market cap, Ethereum (CRYPTO: ETH) declined 5.51% over 24 hours to $3,139.38 and fell marginally by 0.17% for the week.

Cadano (CRYPTO: ADA) rally lost some steam as the cryptocurrency was down 5.28% intraday at $2.06. ADA was up 40.13% over seven days.

See Also: How To Buy Ethereum (ETH)

Meme cryptocurrency Dogecoin (CRYPTO: DOGE) was down 6.35% at $0.31. DOGE gained 20.38% over seven days.

Among the major gainers for the day, Solana (CRYPTO: SOL) rose 15.38% to $62.95. The token of the network focused on faster transactions and high throughput was up 63.10% for the week.

SOL gained 23.08% against BTC and 24.5% against ETH in a 24 hour period.

Audius (CRYPTO: AUDIO) was the top gainer at press time up 67.2% at $2.67. The blockchain-powered streaming service’s token was up 95.69% for the week.

Other buoyant coins over 24 hours at press time included Terra (LUNA) up 5.78% to $21.48, SHIBA INU (CRYPTO: SHIB), which rose 3.7% to $0.000009, and Polkadot (CRYPTO: DOT), which traded 3.62% higher at $24.08.

Why It Matters: The Sam Bankman-Fried backed SOL hit an all-time high of $68.82 on Monday. Over the weekend, the Wormhole network launched its mainnet. The project was originally conceived to act as a bi-directional bridge between Ethereum and Solana.

The recently frothy cryptocurrency markets could take a breather, as per some analysts.

Fairlead Strategies analyst Katie Stockton signaled upside exhaustion which could “support a brief period of consolidation as gains are digested and short-term overbought conditions are relieved” in a newsletter, as per a CoinDesk report.

See Also: What’s Going On With Cardano Today?

“Even though the trend has flipped bullish, a pullback is to be expected before continuation. This is because there has been declining volume with an increase in price,” noted Marcus Sotiriou, a trader with GlobalBlock, a digital-asset broker, as per CoinDesk.

Meanwhile, Bitcoin miners are boosting their reserves which are now near the all-time high levels seen on May 9, and have recovered from the outflows noted in June, CryptoQuant analyst Jan Wuestenfeld wrote in a blog.

Miners are holding on to their coins despite BTC’s recent upward movements, “The fact that miners are not under pressure to sell their BTC at these prices is a testament to the health and resilience of the miners and the network,” noted Wuestenfeld.

Read Next: Taliban Takeover Of Afghanistan Shows Need For Wider Adoption of Bitcoin, Other Cryptos, Say Backers

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