Markets:
The cryptocurrency market is mainly in the red on Monday as we usher in the European session. The weekend session was dominated by consolidation led by the Bitcoin and Ethereum. The altcoins that exploded last week such as Tezos, Chainlink, Cardano and Stellar also slowed down the price action.
According to CoinMarketCap, there has been a very minor change in the total market capitalization from Sunday’s $273 billion to the current $274 billion. The exchange recorded trading volume increased to $55 billion from $49 billion recorded in the same period.
Bitcoin still leads in terms of market share with a dominance of $62.2%. However, altcoins seem to be gaining ground against Bitcoin as their market share keeps increasing. The increase is attributed to the bullish action among the above-mentioned altcoins.
BTC/USD is trading lower by 0.19% from the opening value on Monday. Gains have not been forthcoming especially with the seller congestion at $9,300. More resistance is anticipated at $9,400 and $9,500. The ongoing lull and consolidation is likely to carry on throughout the trading sessions on Monday. BTC/USD is holding above $9,250 as bulls work hard to keep the price above $9,200.
Read more: Bitcoin Price Prediction: BTC/USD bounce to $10,000 in the offing – Confluence Detector
ETH/USD is slightly in the green as bulls continue to exhibit strength in holding above the support at $240 as reported on Sunday. Ether is up 0.24% on an hourly basis and 0.46% on a daily basis. ETH/USD is trading at $242 while all the focus directed at the resistance at $245 and $250 respectively.
XRP/USD is up over 11% in the last seven days but down 0.6% in the last 24 hours. Although pivotal at $0.20, sellers seem to be having their way. Last week the gains stepped above $0.21 before suddenly hitting a wall. Meanwhile, sideways trading is likely to dominate the trading on Monday. If declines increase momentum, support is envisioned at $0.1950 and $0.19 in that order.
Among the top 100 cryptocurrencies, there are some tokens that continue to ignore the selling pressure including Cardano (5.8%), Chainlink (29.19%), Tezos (10.58%), Zcash (9.80%), Elrod (11.09%), Flexacoin (24.87%), and SwissBorg (12.62%).