Bitcoin (BTC) failed to reclaim US$17,000 over the weekend after Friday’s bruising session.
At US$16,750, the BTC/USD pair remains below the 20-day price average, and has failed to make any substantial progress in Monday’s opening hours.
Further downside could see bitcoin fall back to US$16,500, where support is likely to be found.
Can bitcoin (BTC) reclaim US$17,000? – Source: currency.com
Ethereum (ETH) is similarly struggling to recover from Friday’s rout, although the ETH/USD pair at least added a percentage point over the weekend and is currently changing hands at US$1,180.
If the bears come out in force, ETH faces a further downside to US$1,150.
It’s a generally bearish climate in the wider altcoin space, particularly for the Cardano (ADA) blockchain, which has failed to make any observable progress after conceding 12% on Friday or 14% week on week.
Dogecoin (DOGE) has also fallen in the double digits across the week, while Polygon (MATIC) and Polkadot (DOT) have fared little better.
Tron (TRX) is one altcoin managing to outpace the market. The Ethereum alternative has managed to stay in the green across the week to net a US$5bn market capitalisation.
Toncoin (TON) continued its hot streak on Monday morning by adding another 3%, while decentralised finance (DeFi) protocols Curve and 1inch Network were also among the top daily risers.
On the flipside, iFinex’s LEO token suffered a 5% dent to its market cap, as did OKB, the native token of the OKEx cryptocurrency exchange.
Global market capitalisation across the entire crypto space is currently US$810bn, while total value locked in all DeFi protocols is currently US$40bn.