The crypto market makers experienced a red day as Bitcoin (BTC) held above the $30,200 level, while altcoins faced declines. BTC traded at approximately $30,221 with a 2% decrease, while Ethereum (ETH) fell below the $1,900 level. BTC’s trading volume reached around $13.19 billion, showing a 5.23% increase in the last 24 hours.
After soaring to a one-year high and surpassing the $31,000 mark on Friday, Bitcoin entered a consolidation phase, finding stability around the $30,000 level within the past 24 hours. Edul Patel, Co-founder, and CEO at Mudrex, noted the price stabilization but also highlighted the market’s current consolidation period.
Altcoins in Decline: Cardano, Litecoin, and Polygon Experience Losses
Alongside Bitcoin’s consolidation, other top crypto market makers faced declines. Cardano, Litecoin, and Polygon each declined over 3% in value. Meanwhile, Binance’s BNB token and Ripple (XRP) were the worst performers in the top-20 set, experiencing drops of 2.5% and 1.5% respectively. These declines can be attributed to the ongoing regulatory scrutiny faced by both projects from US enforcement agencies.
The global crypto bull run cap showed a 2% decrease, reaching approximately $1.18 trillion in the last 24 hours. Bitcoin’s market cap stood at around $586 billion, accounting for 49.90% of the total market cap, marking a slight decrease of 0.13% over the day, according to CoinMarketCap.
Outlook and Trading Analysis
Bitcoin’s ability to hold above the $30,200 level has sparked hopes of maintaining this price point for the time being. This way, analysts remain positive, forecasting a gradual upward movement for the future of crypto in the next 5 years. While Ethereum consolidates around $1.9k, solid buyers’ support at $1,860 is expected to help sustain this price level in the short term. However, traders will continue to monitor the market closely for any further price movements and potential opportunities.
