The cryptocurrency market saw contrasting performances today, with Bitcoin holding steady near $51,500 while Ether and other altcoins experienced gains.
Ether Takes the Lead: While Bitcoin remained largely unchanged, mirroring its low volatility over the weekend, Ether (ETH) regained the $3,100 level, fueled by the recent buzz surrounding Ether ETFs.
Altcoins See Mixed Performance: Other major altcoins like XRP, Cardano’s ADA, and Avalanche’s AVAX witnessed minor dips of around 1% in the past 24 hours. However, BNB Chain’s BNB defied the trend, rising by 1.2%.
Mantle Shoots Up: Notably, Mantle (MNT), the token associated with the Ethereum layer-2 scaling solution Mantle Network, experienced a surge of 30%, reaching an all-time high of 93 cents. The reason for the sudden jump remains unclear, but it follows the recent milestone of mantleETH (mETH), a staked version of Ether, surpassing the $1.5 billion value-locked mark last week.
Bitcoin Correction on the Horizon?: Meanwhile, some analysts are predicting a potential short-term correction for Bitcoin, with prices possibly dipping as low as $47,000.
Alex Kuptsikevich, Senior Market Analyst at FxPro, shared his insights with CoinDesk: “Bitcoin falling below $51,000 puts it near the bottom of its eight-day consolidation range. Without a rebound, we could see a deeper correction begin, reaching $47,000 to $49,000.”
Kuptsikevich further noted the recent selling pressure across the crypto market despite record highs in global stock indices. He suggests this could be a sign of growing investor caution.
Market Watch: Investors should closely monitor the price movements of Bitcoin, Ether, and other key cryptocurrencies in the coming days to gauge whether any significant corrections materialize.
