Major cryptocurrencies continued to extend losses on Monday night as the global cryptocurrency market cap fell 3.02% to $1.25 trillion.
What Happened: The apex cryptocurrency — Bitcoin BTC/USD — traded 2.28% lower at $30,885.12 over 24 hours. For the week, BTC was down 6.76%.
Ethereum ETH/USD was in the red 3.38% at $1,823.01. Over a seven-day trailing period, ETH was down 10.37%.
Meme-themed Dogecoin DOGE/USD traded 3.23% lower at $0.17. On a weekly basis, the coin has plunged 16.28%.
See Also: How To Buy Dogecoin (DOGE)
DOGE traded 1.58% lower against BTC and 0.54% lower against ETH over 24 hours.
The top gainer on Monday night was Dash DASH/USD, an open-source cryptocurrency forked from BTC that is not often in news in the present.
DASH traded 26.3% higher at $145.87 over 24 hours ahead of an upcoming Dash Core Group Q2 quarterly call scheduled for July 22. The cryptocurrency has spiked 14.71% for the week.
Against BTC and ETH, DASH rose 29.46% and 30.83% respectively over 24 hours.
Other altcoins that saw gains over 24 hours include Unus Sed Leo LEO/USD, Klaytn KLAY/USD, and Ethereum Classic ETC/USD.
LEO was up 2.07% to $3.03, KLAY shot up 0.4% to $0.92 and ETC traded 0.34% higher at $41.90.
Why It Matters: On-chain analytics firm Glassnode in its latest note said that the Bitcoin market is “extremely divided” with “expansion of volatility just around the corner.”
The firm made both a bear and a bull case for Bitcoin. The bear case highlights included market trading at the low end of a high on-chain volume cluster with little support between $31,000 and $18,800.
See Also: This NFT Cryptocurrency Has Overtaken Dogecoin In YTD Gains With Meme Coin Crash
Other factors were lackluster institutional demand, low on-chain activity, and losses that continue to be realized on-chain.
On the bull-side, Glassnode pointed to net entity growth which is creating an environment resembling “dollar cost average” style accumulation. The company said exchanges have seen net outflows after an extended period of inflows since mid-May.
Sell pressures from migration from China are abating for miners and they are in net accumulation, as per Glassnode.
Finally, Hodlers and accumulators over the long term are unshaken. “The volume of coins held in illiquid state continues to grow, and the potential supply squeeze is coming from a much higher base than the 2018-19 bear,” noted Glassnode.
“This demonstrates the remarkable conviction of BTC holders to weather extreme volatility.”
Read Next: Is Bitcoin On Track To Dip Below $30,000?
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
