#Write2Earn Cryptocurrency Market Update: #Bitcoin Stability Amidst #Ether and Token Surges #mantle #marketupdate
Bitcoin prices remained relatively stable over the weekend, reflecting the ongoing trend of low volatility during weekend trading sessions. Instead, it was ether and certain ecosystem tokens that saw gains, driven by the growing narrative surrounding the relatively new ether ETF.
During the Asian morning hours on Monday, Bitcoin lingered around the $51,500 mark, while ether climbed back above the $3,100 level. Other cryptocurrencies like XRP, Cardano’s ADA, and Avalanche’s AVAX experienced slight declines of around 1% over the past 24 hours, whereas BNB Chain’s BNB saw a modest increase of 1.2%.
Tokens associated with the Ethereum layer-2 platform Mantle soared by 30%, reaching a record high of 93 cents. Although there wasn't an immediate catalyst for this price surge, it coincided with the milestone of mantleETH (mETH), a staked version of ether, surpassing $1.5 billion in locked value last week.
In the midst of these developments, a trader suggested the possibility of a short-term correction for bitcoin, potentially pushing its price down to as low as $47,000.
Alex Kuptsikevich, FxPro's senior market analyst, highlighted the significance of the $51,000 level for bitcoin's price movement. He noted that a failure to rebound from this level could initiate a deeper correction, possibly leading to a range between $47,000 and $49,000.
Kuptsikevich also pointed out that despite record highs in many global equity indices, the crypto market has been predominantly characterized by selling since Friday morning. This could indicate a heightened level of caution among investors, reflecting the sensitivity of the crypto market as an indicator of broader market sentiment.
