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Crypto market’s $10 billion weekend climb cooling on Monday

Bitcoin’s on-chain activity sees its highest levels in different measures

Crypto markets have been making gains over the weekend but the majors fell back on Monday morning resulting in a loss of much of that progress.

Total market capitalization for the entire digital assets ecosystem gained around $10 billion over the weekend pushing that metric up to $350 billion. Monday morning’s Asian trading session resulted in a cooling-off however as markets slipped back to the $343 billion level.

Things have been relatively flat for the past week as the big cap crypto currencies continue their consolidation following a correction from 2020 highs.

Bitcoin remains sideways

Bitcoin, which was recently advertised heavily in Hong Kong, has done very little over the past couple of days with a brief push to $10,550 before a return to previous levels at $10,300 where it has been trading for most of this month.

Analyst Josh Rager has taken a look at the weekly close noting that it has closed in bullish territory for the second week in a row. The trader has eyed a reclaim of $11,900 for the rally to continue its upwards momentum.

This pattern of minor pumps, followed by a dump are indicative of market manipulation by whales though this is nothing new for Bitcoin, which is held in massive quantities by just a few players.

Fellow analyst, ‘CryptoHamster’, noted the squeezing of Bollinger Bands which could be leading to a larger move ahead.

“Bollinger Bands baseline width is getting very narrow. Some increased volatility could be expected while we are approaching the end of the wedge.”

Elsewhere on crypto markets

As usual, most crypto assets have mirrored the movements of their big brother again with Ethereum pushing to its highest level for over a week at $390 on Sunday, before dumping nearly all of those gains over the past 12 hours. ETH prices are also sideways having returned to the 5 day channel around $365 at the time of writing.

The big shaker and mover over the weekend has been Binance Coin as a number of new decentralized finance (DeFi) protocols have decided to launch using its ‘Smart Chain’ to avoid high network fees on Ethereum.

BNB/USD price – Tradingview.com

BNB surged to an all-time high of $32 on Sunday before retreating slightly to the $30 level by early trading on Monday morning. New liquidity farming opportunities provided by the world’s largest crypto exchange have attracted buyers and yield farmers to Binance.

Most of the top crypto assets are in the red at the moment as they retreat from weekend gains.

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Author

Martin has been writing on cyber security and infotech for two decades. He has previous trading experience and has been covering the blockchain and crypto industry since 2017. He has previously contributed to Asia Times, Cointelegraph, NewsBTC, Bitcoinist, Cryptoinsider, Beincrypto, and Micky.