Bitcoin and Ethereum Stand Firm: A Snapshot of Stability
London: 18 September 2023 (TraderMade): Over the weekend, major cryptocurrency prices saw minimal fluctuations, with Bitcoin (BTC) and Ethereum (ETH) maintaining their positions above crucial support levels. The absence of a significant catalyst left the market in relative stability, but the looming interest-rate decisions scheduled for later this week may introduce a potential downward push.
Market activity remained subdued, with the overall market capitalization registering a mere 0.4% increase in the last 24 hours.
As of the Asian afternoon on Monday, Bitcoin was hovering just below $26,700, while Ethereum was changing hands at $1,630, each experiencing modest gains of 0.5% over the past 24 hours. The CoinDesk Market Index (CMI) also reflected these marginal movements, showing a 0.3% uptick, with most alternative cryptocurrencies displaying similarly modest increases.
In contrast, Toncoin (TON) emerged as the biggest loser among major tokens, declining by 1% in the last 24 hours. This dip likely resulted from traders capitalizing on a 40% surge the previous week, driven by the announcement of messaging giant Telegram's integration of a TON-based app on its platform.
Additionally, some traders closely monitor critical decisions in traditional financial markets, anticipating potentially bearish implications for the cryptocurrency landscape.
