Major coins traded in the green on Monday late evening, as the cryptocurrency market capitalization rose by 2.79% in the last 24 hours to $1.13 trillion.

U.S. equity markets were closed on Monday on the occasion of President’s Day.

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As investors look ahead to Coinbase's (NASDAQ:COIN) upcoming earnings report, expectations are muted given recent regulatory pressure from the US to limit banking access for cryptocurrency operations. 

Analyst Notes: Cryptocurrency analyst Michaël van de Poppe said corrections in Bitcoin are likely to remain relatively shallow. He predicts Bitcoin may reach $35,000 to $40,000 before a “harsh correction” to $20,000 to $25,000 in the second half of 2023. 

Pseudonymous analyst Kaelo believes ETH/ BTC ratio still looks like trash. According to him, as Bitcoin pushes past the $25,000 range and begins to accelerate upwards, it's likely that we'll see a significant impact on altcoins when compared to Bitcoin.

Analyzing the on-chain data, analyst Benjamin Cowen predicted Bitcoin could remain within a set range for the majority of 2023. The indicator Cowen used suggests that this range could theoretically extend all the way to 2024 prior to a sustained bull market rally.