Bitcoin and Ethereum Under Pressure
Bitcoin is trading below the $59,000 mark as of Monday, the largest cryptocurrency struggling to bounce back from recent corrections. According to data from Bitcoin Magazine, around 75% of Bitcoin hasn't moved in the past six months, suggesting strong investor confidence and reduced selling pressure. This means that those holding Bitcoin for an extended period are not rushing to sell, which could indicate a more stable market in the future. Bitcoin's price at the time of writing is $58,414, with a strong resistance level at $60,000 that has yet to be breached.
On the other hand, Ethereum is hovering around $2,586.58. Recent data from CoinShares reveals that Ethereum funds received $4.2 million in inflows last week, compared to Bitcoin's $42 million. This shows continued interest in Ethereum, despite its current challenges in breaking through the $2,500 support level.
XRP's Rally Amid Market Movements
XRP has exhibited notable strength, rallying by nearly 4% to reach $0.58. This price point is a key support level for XRP, bolstered by recent developments in the Ripple ecosystem. Announcements relating to RippleUSD and its integration on the XRPLedger and Ethereum chain are driving bullish sentiment among traders.
Aptos (APT) Market Insights
Aptos (APT) is trading at $5.89 early on Monday. The token shows potential for a 27% gain, aiming for the Fair Value Gap (FVG) between $7.46 and $7.74. However, it faces resistance at $6.09 and $6.48, as indicated in the APT/USDT daily chart. The Relative Strength Index (RSI), a measure of momentum, stands at 45.97, nearing a neutral level.
Market and Industry Updates
Recent data highlights that 94% of Bitcoin's total supply has been issued, with 88% of crypto prediction market activity on Polymarket focused on elections for 2024. In contrast, Ether supply has increased by 60,500 since the launch of spot Ethereum ETFs, with ETH losing nearly 26% in value since then.
In other industry news, the Maker protocol has ceased using wrapped Bitcoin as collateral following Bitgo's announcement to shift custody operations to regions outside the U.S. Meanwhile, HTX exchange has launched SUNDOG perpetual futures, with Binance Coin (BNB), Toncoin (TON), and Ethereum (ETH) ranking as the top three trending coins on Binance, according to CryptoDiffer data.
Understanding Key Cryptocurrency Terms
- Bitcoin is the first and largest cryptocurrency, functioning as digital money without third-party involvement.
- Altcoins refer to any cryptocurrency that isn't Bitcoin. While some categorize Ethereum as a non-altcoin, others see Litecoin as the first altcoin.
- Stablecoins are designed for price stability, often pegged to traditional assets like the U.S. Dollar, providing a less volatile investment option.
These insights are for informational purposes and not financial advice. Always conduct thorough research before making investment decisions.
