Cryptocurrency prices remained weak on Monday as leading virtual coins struggle to find the support required to climb upwards.
Bitcoin, the world’s last cryptocurrency, was trading over $47,700 or 0.28 per cent lower than its price 24 hours ago at 3:05 pm. Bitcoin’s market capitalisation has increased to nearly $900 billion, but the 24-hour trading volume remained weak at $706.24 million.
Meanwhile, Ether was trading at $3,355 or over 1 per cent lower than its price 24 hours ago. The largest altcoin’s market capitalisation stood at $393 billion and 24-hour trading volume stood at $632 million.
Other altcoins like XRP, Cardano, Polkadot, Stellar, Uniswap, Dogecoin, Chainlink and Litecoin were trading lower than their prices 24 hours ago, but have not suffered big losses.
Hitesh Malviya, a cryptocurrency and investment expert, said, “Bitcoin managed to close last week above $47,500, which indicated a bullish reversal. Price action is looking bullish on a lower time frame, but the price has not retested $50K level yet which also is a psychological level for bitcoin to build support above.”
“We can expect bitcoin to accelerate towards a new all-time high Once it establishes support above $50K price level,” he added.
“The cryptocurrency market remains in a range-bound consolidation. We witnessed a period of volatility towards the end of the previous week. However, the decrease in trading volumes over the weekend, caused most of the cryptos to hover near their nearest support levels,” said Edul Patel, CEO and Co-founder of Mudrex, a global algorithm based crypto investment platform.