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.

Share.

Comments are closed.

Exit mobile version