Major Cryptos Rise
On Monday, Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) led a positive trend in the crypto market. At 11:40 a.m., Bitcoin was trading 1.2% higher at $52,311, while Ethereum surged 4% to $2,920.
Bullish Outlook for Bitcoin
Experts predict a sustained uptrend for Bitcoin, with a bullish outlook driving the market. Edul Patel, CEO of Mudrex, said, “If Bitcoin holds above the current price level, the next target is $55,000.”
Ethereum’s Strong Performance
Ethereum has outperformed Bitcoin, with a 15% gain over the past week. Edul Patel notes that a close above $2,900 could set Ethereum up for a potential move towards $3,000.
Altcoins Gain Momentum
Altcoins like Polygon (MATIC) and Internet Computer (ICP) saw significant gains, rising 6% and 9%, respectively. Other altcoins such as Solana, Dogecoin, Shiba Inu (SHIB), Toncoin (TON), Polkadot (DOT), and Cardano (ADA) also experienced gains of up to 2%.
DeFi and Stablecoins Boom
The DeFi sector, which involves decentralized financial services, saw a total volume of $5.67 billion, accounting for 8.55% of the overall crypto market volume. Stablecoins, which are pegged to stable currencies like the US dollar, also witnessed a surge in volume, reaching $60.03 billion.
Market Cap and Dominance
The global cryptocurrency market cap has surged 1.4% to approximately $1.97 trillion, with Bitcoin maintaining its dominance at 51.81%. However, Bitcoin’s volume dropped 13.3% in the last 24 hours.
Analyst Insights
Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, observes that Bitcoin’s recent positive performance aligns with the demand from institutional investors. He cautions that failure to cross a key resistance level could lead to a downward correction.
Disclaimer
The views and opinions expressed in this article are solely those of the experts and do not reflect the views of the publication.
Frequently Asked Questions (FAQs)
- What is Bitcoin?
Bitcoin is a decentralized digital currency, meaning it is not controlled by any government or central bank. - What is Ethereum?
Ethereum is a blockchain platform that hosts decentralized applications (dApps) and allows for the creation of smart contracts. - What is DeFi?
DeFi refers to decentralized finance, a growing sector in the crypto market that offers financial services such as lending, borrowing, and trading without the need for intermediaries. - What is a stablecoin?
A stablecoin is a digital currency that is pegged to a stable asset, such as the US dollar or gold, to maintain a stable value.
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