Bitcoin, Ethereum, XRP, Dogecoin Slide As 'Dump On Sunday, Continuation On Monday' Becomes The Norm

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Zinger Key Points

Cryptocurrency markets are following traditional financial markets lower on Monday.

CryptocurrencyPrice   Gains +/-
Bitcoin BTC/USD$78,943.09-4.5%
Ethereum ETH/USD $1,871.07-8.2%
Solana SOL/USD $119.69-7.3%
XRP XRP/USD $2.07-4.5%
Dogecoin DOGE/USD $0.1572-8.2%
Shiba Inu SHIB/USD $0.00001178+0.3%

Notable Statistics:

  • IntoTheBlock data shows large transaction volume increasing by 7% and daily active addresses falling by 0.4%. Transactions greater than $100,000 are up from 6,862 to 7,649 in a single day. Exchanges netflows are down by 120.7%.
  • Coinglass data reports 267,885 traders were liquidated in the past 24 hours for $822.68 million.

Notable Developments:

Top Losers:

CryptocurrencyPrice   Gains +/-
Lido DAO LDO/USD $0.8955-13.9%
Maker MKR/USD $1,080.84-11.2%
Aptos APT/USD $5.17-10.6%

Trader Notes: With Bitcoin continuing to decline, crypto trader CJ warns that BTC needs to reclaim its current range soon or risk an imbalance that could drive prices as low as $70,000.

Michael van de Poppe highlighted a recurring market pattern: dump on Sunday and Monday, followed by sideways/slightly up for the rest of the week. In another post, he pointed out that eight of the last nine Sundays saw significant crashes and expects more of the same for March.

More Crypto Online suggests that a move above $84,110 could indicate a potential bottom, identifying key support at $77,859 and $75,000.

What's Next:

Image: Shutterstock

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