Major coins traded largely flat as the weekend drew to a close, with the global cryptocurrency market cap down slightly over 24 hours at $2.18 trillion at press time Sunday evening.
What Happened: Bitcoin BTC/USD traded 0.49% lower at $46,538.64 over 24 hours. For the week, the apex coin has fallen 6.65%.
The second-largest coin by market cap, Ethereum ETH/USD, was down 0.79% at $3,918.13 over 24 hours. Over a seven-day period, Ethereum has fallen 4.45%.
Dogecoin DOGE/USD declined 2% to $0.17 over 24 hours. Over the last seven days, the meme coin inched down 0.37%.
DOGE-rival Shiba Inu fell 3.04% to $0.00003055 over 24 hours. Over seven days, it has plunged 16.12%.
The top three gainers over 24 hours, as per CoinMarketCap data, were Decred, Harmony, and Arweave.
Decred shot up 24.84% to $83.24, Harmony gained 18.7% to $0.2478, while Arweave was up 12.75% at $58.84 in the period.
See Also: How To Buy Bitcoin (BTC)
Why It Matters: Cryptocurrency trader Lark Davis tweeted Sunday that the cryptocurrency market is “going to start behaving like tech stocks.”
Davis gave the example of shares of Amazon.com, Inc AMZN, which he said hasn’t seen any drawdowns over 40% since 2011.
Even so, short-term technicals aren’t indicating cheer going into the Holiday Season, according to Delphi Digital.
“Sentiment is dire, momentum is weak, and all this talk about inflation and policy uncertainty has us longing for optimism wherever we can find it,” the independent research boutique wrote in an emailed note.
An example of policy uncertainty was seen on Friday when the Central Bank of Russia Governor Elvira Nabiullina suggested the country could ban Bitcoin and other cryptocurrencies, stating significant risks for retail investors and inherent volatility.
As for momentum, going into the weekend traders were “hesitant to buy the dip,” according to Edward Moya, a senior market analyst at OANDA.
“Many traders are gravitating to other coins such as Avalanche, Solana, Polkadot, and Hedera. If the focus primarily falls on altcoins at the beginning of next year, it may take Bitcoin a long time to return back to record high territory,” noted Moya, in a note seen by Benzinga.
Meanwhile, long-term held or lost BTC has reached a high in the past 11 months and accounts for 34.45% of the supply of the apex coin, as per Colin Wu, a journalist.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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