Market Update:
Crypto markets are struggling to find direction to start the trading week. Bitcoin is down 2% over the past 24 hours and is hovering just above $20,000. Meanwhile Ethereum is trading sideways around $1,450 as anticipation builds for the upcoming Shanghai upgrade.
Some of the biggest losers today are layer-1 blockchain tokens. Solana is down 7% continuing its slide amidst network instability. Polygon and Avalanche are also down 4-5% each as profits are taken off the table.
However, not all altcoins are seeing red. Dogecoin has jumped 15% in the past day on rumors of a potential Coinbase listing. DOGE trading volumes have skyrocketed above $1.2 billion. The memecoin now has a market cap of $13 billion.
Other gainers include Quant (QNT), up 10%, and Maker (MKR) up 8%. Quant continues to gain on news of central bank blockchain interoperability projects. Maker is benefiting from growth in decentralized finance (DeFi) on the Ethereum network.
Overall crypto market capitalization stands around $960 billion to start the week. Trading volumes are light, suggesting consolidation is likely in the short-term. Market volatility has also cooled down significantly since the summer.
Key events to watch include Ethereum's Shanghai upgrade on Thursday and CPI inflation data on Friday. Both could impact crypto prices this week.