Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) traded in red on Monday evening as the global cryptocurrency market cap decreased 0.5% to $2.4 trillion.
What Happened: BTC was down 2.16% at $49,745.50 over 24 hours. For the week, the apex cryptocurrency has risen 7.1%
The second-largest cryptocurrency by market cap, ETH, traded 2.48% lower at $3,972.01 over 24 hours. For the week, it has risen 2%.
Dogecoin (CRYPTO: DOGE) traded 4.4% lower at $0.18 over 24 hours. For the week, the meme coin is up 10.6%.
DOGE-Rival Shiba Inu (SHIB) was down 0.3% over 24 hours at $0.000037 over 24 hours. Over the last seven days, it has shot up 20.9%.
A notable mover among major cryptocurrencies was Cardano (ADA), which shot up 1.7% at press time to $1.48. The cryptocurrency has soared 21.3% over the week.
The top three gainers over 24 hours, according to CoinMarketCap data, were SushiSwap (SUSHI), Immutable X (IMX), and Ravencoin (RVN).
SUSHI spiked 15.3% to $9.31, IMX was up 12.3% at $5.28, and RVN rose 11% to $0.109 in the period.
See Also: How To Buy Bitcoin (BTC)
Why It Matters: Bitcoin moved beyond the $52,000 level on Monday but could not sustain the upward momentum. Cryptocurrency markets have not seen the same euphoria that traditional markets are experiencing at year-end.
Both the S&P rose, and the NASDAQ rose nearly 1.4% to close at 4,791.19 and 15,871.26, respectively.
Bitcoin volumes remained muted on Monday. The 24-hour trading volumes of Bitcoin amounted to $24.3 billion, which were comparable to Sunday’s $20.9 billion, as per CoinMarketCap data.
Bitcoin’s sovereign supply, which is the number of coins held outside of exchanges, touched an all-time high of 13.34 million BTC, according to Glassnode.
Bitcoin Sovereign Supply — Courtesy Glassnode
In terms of proportion, Long-term Holders (LTH) have seen ownership stake increase by 4.8% to 74.8% of sovereign supply. Short-term Holders’ (STH) ownership has fallen from 28% in January to 25.2% in the current month, as per the on-chain analysis firm.
“Such on-chain [behavior] is more typically observed during Bitcoin bear markets, which in hindsight are effectively lengthy periods of coin redistribution from weaker hands, to those with stronger, and longer-term conviction,” noted Glassnode.
Meanwhile, Amsterdam-based cryptocurrency trader Michaël van de Poppe said Monday that Cardano is close to “bottomed out” on Twitter.
$ADA is close to bottomed out. pic.twitter.com/xmo1q2hAvg
— Michaël van de Poppe (@CryptoMichNL) December 27, 2021
In a separate tweet, Van de Poppe said 2022 “will be absolutely massive” but warned of a “big crash to flush everyone out.”
2022 will be absolutely massive.
Big runs everywhere, and potentially, later in the year, a big crash to flush everyone out.
Trade it wisely.
Have a plan. Have targets. Hit those targets and start taking profits.
Execute it well.
— Michaël van de Poppe (@CryptoMichNL) December 27, 2021
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