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.
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.
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.
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