Bitcoin (BTC) maintained stability over the weekend, with minimal price fluctuations, while other cryptocurrencies like ether (ETH) and several ecosystem tokens saw upward movement.
BTC traded around $51,500 during the Asian morning hours on Monday, while ETH surpassed the $3,100 mark. However, XRP, Cardano’s ADA, and Avalanche’s AVAX experienced a 1% decline in the past 24 hours, whereas BNB Chain’s BNB witnessed a 1.2% increase.
Tokens of the Ethereum layer-2 platform Mantle (MNT) surged by 30% to reach a record high of 93 cents. The price increase occurred without an immediate catalyst, but it followed mantleETH (mETH), a staked version of ether, surpassing the $1.5 billion value-locked milestone last week.
Meanwhile, a trader said that bitcoin could see a short-term correction to as low as $47,000.
“The price of bitcoin has fallen below $51K, which is near the bottom of the consolidation range of the last eight days,” Alex Kuptsikevich, FxPro senior market analyst, told “Without a bounce from here, we could see a deeper correction begin, potentially as low as $47-49K.”
“Since Friday morning, the crypto market has seen a predominance of selling pressure, despite record highs in various global equity indices. This suggests a level of caution among investors, as indicated by the sensitive nature of the crypto market,” noted Kuptsikevich.
