ISLAMABAD
The cryptocurrency market traded sideways on Monday, with the market cap losing 0.5 percent to reach $1.1 trillion.
As of 1100 hours GMT, Bitcoin (BTC), the world’s most valued token, slipped to $26,404 with a decrease of 0.3 percent in the last 24 hours. The market capitalisation of the biggest crypto has reached $512.4 billion with this decrease. Bitcoin has been 1.6 percent up in the past seven days.
Bitcoin remained stable above the $26,400 level over the weekend, following a volatile week. The failure of bears to keep BTC below $25,000 likely attracted bullish investors aiming to initiate a recovery. Nevertheless, the overall trend still favours the bears. BTC’s support is currently at $26,386, with resistance lies at $26,633.
Similarly, Ether (ETH), the world’s second-largest cryptocurrency by market capitalisation, edged lower by 0.3 percent to reach $1,725. With this decrease in price, the market capitalisation of ETH has reached $207.4 billion. ETH has been 1.4 percent down in the past seven days.
Following suit, Binance Coin (BNB) dipped 1.8 percent to reach $242. With this decrease in price, the market capitalisation of BNB has reached $37.8 billion. BNB has gained 3.3 percent of its value during the last seven days.
However, Ripple (XRP) price edged up 0.1 percent to reach $0.490. The market capitalisation of XRP stands at $25.5 billion with this increase. XRP has shed 5.6 percent of its value during the last seven days.
On the other hand, Cardano (ADA) price decreased by 2.8 percent to reach $0.259. Its market capitalisation has reached $9.1 billion with this decrease. ADA has shed 8.3 percent of its value in the past seven days.
Other popular altcoins including Dogecoin (DOGE), Litecoin (LTC) and Solana (SOL) saw a mix of minor dips and gains across the board. KuCoin Token (KCS), which was the top gainer last Friday, emerged to be the top loser of the day, with a 24-hour dip of over 7 percent. KAVA became the top gainer, with a 24-hour jump of nearly 4 percent.
The US Securities and Exchange Commission (SEC) intensified its crackdown on crypto majors Coinbase and Binance a couple of weeks ago with back-to-back lawsuits over the trading of unregistered securities. It appears that the overall crypto market is still struggling to recover from that, and most top coins are trading sideways and are expected to continue doing so in the coming few days.
