Major cryptocurrencies rebound after the weekend

Monday night Bitcoin and Ethereum traded above key psychological levels after falling back below them over the long weekend; global cryptocurrency market capitalization increased 1.1% to $ 906 billion.

Price trends of the main currencies
Currency 24 hours 7 days Price
Bitcoin (CRYPTO: BTC) + 0.65% -9% $ 20,504.76
Ethereum (CRYPTO: ETH) + 0.7% -7.6% $ 1,119.88
Dogecoin (CRYPTO: DOGE) + 0.02% + 9.9% 0.06 dollars
Coins to the highest rise in the past 24 hours (CoinMarketCap data)
Cryptocurrency % Change in the last 24 hours (+/-) Price
Synthetix (SNX) + 57.8% $ 3.23
1inch Network (1INCH) + 20.5% 0.69 dollars
Arweave (AR) + 18.2% $ 10.13

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Cryptocurrencies were showing a brisk trend Monday night alongside other risk assets after Bitcoin and Ethereum dipped below the $ 20,000 and $ 1,000 levels over the weekend.


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Over the weekend, the two largest cryptocurrencies by market capitalization hit lows of $ 17,708.62 and $ 896.11, respectively.

At the time of publication, the S&P 500 and Nasdaq index futures were both up more than 1%.

Recession fears have taken root in the market: second Craig Erlamsenior market analyst at OANDA, inflation has gone from being the primary concern to the only one.

“The hope now is that any recession will be mild and short, but the situation is evolving so rapidly that it is difficult to know for sure,” Erlam wrote in a statement.

The analyst observed Bitcoin’s rapid drop below $ 20,000 and said it is a highly touted critical level.

“The HODler mentality is really being tested and those who haven’t given up yet may be tempted as they never have been.”

Investors will watch the presentation by the chairman of the Federal Reserve Jerome Powell of the Monetary Policy Report to the US Congress during this short week of trading.

Glassnode said the Bitcoin market last week suffered a “massive deleveraging event”, putting miners, long-term holders and the overall market under pressure.

“The declining dominoes of the current bear market are moving into a new phase. Alongside the miners, long-term owners are also starting to feel the pressure, forcing many of them to sell at an accelerated pace, ”the on-chain analytics firm said in a blog post.

Total Bitcoin Supply Held by Long-Term Holders – Courtesy of Glassnode

Data from Glassnode indicates that the supply held by long-term holders fell by 178,000 BTC in the past week, or 1.31% of all their holdings.

Market sentiment continues to be marked by ‘Extreme Fear’, according to Alternative.me’s ‘Crypto & Fear Index’.

The cryptocurrency trader Justin Bennett he said on Twitter that the current “rebound” appears to be weak and could be another “bull trap” that heralds the next wave of sales.

The analyst said the total market capitalization of cryptocurrencies could hit $ 670-730 billion before a relief rally occurs.

The lower end of the range proposed by Bennett would imply that market capitalization falls another 26.05% from current levels.

Michaël van de Poppe stated that the world’s leading cryptocurrency will have to overcome resistance near $ 20,500 for a continuation towards $ 23,000.

The trader then tweeted that if Ethereum manages to hold $ 1,085, he assumes that next time we will see $ 1,250.

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Major cryptocurrencies rebound after the weekend