Bitcoin Holds Above $28.6K
By Laxmikant Khanvilkar
Leading virtual digital assets or VDAs have sustained range bound trade with downward bias as meme coin mania continue to fuel dramatic shifts in market sentiment.
Bitcoin (BTC) and Ether (ETH) were both recently down a few fractions of a percentage point. Bitcoin was off 0.93% to $28,600, while Ether fell 1.31% to $1,884.
As meme coins hog the limelight, crypto majors are seeing a fairly flat trade activity. Last week Pepe and other meme coins were on the roll. Experts believe that the meme coins could trigger market-wide rally in the near term. Markets are significantly poised to make higher moves given the low volatility.
BitBull Capital CEO Joe DiPasquale explained that the narrowing gaps between the upper and lower price bands are indicators of a significant price movement might be on the horizon.
“Moving forward, we’d expect a strong bounce off $25K to continue another leg above $30K,” DiPasquale concluded.
The global crypto market cap is down 0.66% to $1.18 tn, over the last 24-hours. The total crypto market volume over decreased 26.56% to $28.66 bn. The total volume in DeFi is currently $2.24 bn, 7.83% of the total crypto market volume. The volume of all stablecoins is now $24.96 bn, which is 87.10% of the total crypto market volume.
Bitcoin’s dominance is currently 47.06%, a decrease of 0.10% over the day.
Meanwhile, Binance, the world’s largest crypto exchange, temporarily paused BTC withdrawals Sunday morning U.S. time as the Bitcoin blockchain became overwhelmed with pending transactions and sky-high fees. It has now resumed withdrawals, but problems continue to linger for the Bitcoin protocol.
Investors will stay focus on macro data releases from the U.S. later this week.
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