Bitcoin, Ethereum, Dogecoin Stay Subdued But 'Hodlers' Are Unfazed By Recent Sell-Off

Bitcoin, Ethereum, Dogecoin Stay Subdued But 'Hodlers' Are Unfazed By Recent Sell-Off

Major coins traded lower on Monday night as the global cryptocurrency market cap fell 3.29% to $2.05 trillion.

What Happened: Bitcoin BTC/USD fell 1.82% to $45,210.12 over 24 hours. The apex cryptocurrency has declined 13.91% for the week.

The second-largest coin by market cap, Ethereum ETH/USD, was down 2.23% at $3,319.65 over 24 hours. Over a seven-day period, ETH has fallen 14.92%.

See Also: How To Buy Cardano (ADA)

Cardano’s ADA/USD price shrunk by 4.74% to $2.42. For the week ADA has fallen 14.36%.

Meme cryptocurrency Dogecoin DOGE/USD traded 4.42% lower at $0.24. Over a week, DOGE has plunged 22.71%.

Synthetix SNX/USD was the top gainer on Monday evening as it rose 15.85% to $12.65. Over a week, the token of the decentralized finance protocol has fallen 6.77%.

Against BTC and ETH, SNX rose 18.46% and 19.28% respectively over 24 hours.

Notable gainers over 24 hours at press time included Mina MINA/USD, Celo CELO/USD, and Stacks STX/USD.

MINA shot up 15.59% to $5.87, CELO was up 8.14% at $5.41, and STX rose 3.28% to $1.51 in the period.

Why It Matters: Microstrategy Incorporated MSTR said in a filing with the U.S. Securities and Exchange Bureau that it had acquired 5,050 BTC for nearly $242.9 million. 

See Also: Profit-Booking Hurts 'Ethereum Killer' Cardano As Smart Contracts Go Live

The Michael Saylor-led company said it added 8,957 BTC to its corporate BTC treasury in the third quarter of 2021 and now holds about 110,042 BTC, which it acquired at an average cost of $27,713 per coin.

On Monday, Saylor tweeted with the hashtag Bitcoin and said “Slow and steady wins the race.”

On-chain analytics firm Glassnode said in a blog post on Monday that long-term holders of BTC are unfazed by last week’s sell-off.

“We can also see that LTH (long-term holders) owned supply has reached 79.5% of all BTC coins this week, which is equivalent to the level reached in October, prior to the bull market kicking off,” the firm wrote.

Glassnode defines long-term holders as “high conviction buyers” whose coinages have crossed the threshold of 155 days.

Meanwhile, Litecoin LTC/USD, a fork of BTC,  soared on Monday after a fake press release circulated that Walmart Inc WMT had formed a major partnership with the latter.

At press time, LTC traded 0.49% higher at $179.92. The cryptocurrency is trading 22.8% below the 24-hour intraday high of $233.06 it touched on Monday.

The Litecoin Foundation acknowledged Monday that its social media team members were a “little too eager” and shared the story from the official Twitter account after mainstream media outlets like Reuters covered it.

Read Next: This Blockchain Platform's Cryptocurrency Has Outperformed Ethereum, Dogecoin, Cardano Over 30 Days

Posted In: BitcoinCelodogecoinEthereumMinaStacksCryptocurrencyNewsMarketsMoversTrading Ideas

Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month