Bitcoin, Ethereum, Dogecoin Slip Into The Red But Solana Is Shooting For The Moon

Bitcoin, Ethereum, Dogecoin Slip Into The Red But Solana Is Shooting For The Moon

Major coins were seen treading red waters Monday evening as the global cryptocurrency market capitalization fell 4.36% to $1.95 trillion.

What Happened: Bitcoin BTC/USD fell 4.46% to $45,565.67 over 24 hours at press time and slid 1.13% over a seven-day trailing period.

The second-largest coin by market cap, Ethereum ETH/USD declined 5.51% over 24 hours to $3,139.38 and fell marginally by 0.17% for the week.

Cadano ADA/USD rally lost some steam as the cryptocurrency was down 5.28% intraday at $2.06. ADA was up 40.13% over seven days.

See Also: How To Buy Ethereum (ETH)

Meme cryptocurrency Dogecoin DOGE/USD was down 6.35% at $0.31. DOGE gained 20.38% over seven days.

Among the major gainers for the day, Solana SOL/USD rose 15.38% to $62.95. The token of the network focused on faster transactions and high throughput was up 63.10% for the week.

SOL gained 23.08% against BTC and 24.5% against ETH in a 24 hour period.

Audius AUDIO/USD was the top gainer at press time up 67.2% at $2.67. The blockchain-powered streaming service’s token was up 95.69% for the week.

Other buoyant coins over 24 hours at press time included Terra (LUNA) up 5.78% to $21.48, SHIBA INU SHIB/USD, which rose 3.7% to $0.000009, and Polkadot DOT/USD, which traded 3.62% higher at $24.08.

Why It Matters: The Sam Bankman-Fried backed SOL hit an all-time high of $68.82 on Monday. Over the weekend, the Wormhole network launched its mainnet. The project was originally conceived to act as a bi-directional bridge between Ethereum and Solana.

The recently frothy cryptocurrency markets could take a breather, as per some analysts.

Fairlead Strategies analyst Katie Stockton signaled upside exhaustion which could “support a brief period of consolidation as gains are digested and short-term overbought conditions are relieved” in a newsletter, as per a CoinDesk report.

See Also: What's Going On With Cardano Today?

“Even though the trend has flipped bullish, a pullback is to be expected before continuation. This is because there has been declining volume with an increase in price,” noted Marcus Sotiriou, a trader with GlobalBlock, a digital-asset broker, as per CoinDesk.

Meanwhile, Bitcoin miners are boosting their reserves which are now near the all-time high levels seen on May 9, and have recovered from the outflows noted in June, CryptoQuant analyst Jan Wuestenfeld wrote in a blog.

Miners are holding on to their coins despite BTC’s recent upward movements, “The fact that miners are not under pressure to sell their BTC at these prices is a testament to the health and resilience of the miners and the network,” noted Wuestenfeld.

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