Little Change in Cryptocurrency Market
The cryptocurrency market saw minimal changes over the weekend, with Bitcoin (BTC) trading near $29,000. Investors are eagerly waiting for this week’s Consumer Price Index (CPI) reading and its potential impact on interest rates.
Stocks Climb Higher Amidst Fed Statements
Stocks experienced gains on Monday despite conflicting statements from Federal Reserve officials. Fed Governor Michelle Boman voiced support for raising rates to combat inflation, while New York Fed President John Williams stated that we may be approaching a peak rate. At the market close, the S&P, Dow, and Nasdaq all finished in the green.
Bitcoin Price Action
The battle between Bitcoin bulls and bears continues, with bears briefly driving the price to a low of $28,666 before bulls pushed it back above the $29,000 support level. According to technical analysts, Bitcoin prices are currently in a sideways and choppy phase, indicating lackluster trading in the near term.
Analyst Predicts Potential Price Movements
Analyst Gunter Lackmann highlights a fair value gap in the discount zone, suggesting the possibility of an accelerated move towards $27.7k – $28.2k before the next uptrend towards $34k in the coming weeks. Michaël van de Poppe advises investors to accumulate tokens during this sideways phase as early bull markets are often influenced by lingering bear market sentiment.
Token Performance
Most tokens in the top 200 experienced losses on Monday, with only a few managing notable gains. Livepeer (LVP) led the gainers with a 37% increase, followed by UniBot (UNIBOT) with a 12.51% gain and Bitcoin Cash (BCH) with a 6.73% increase. Yield Guild Games (YGG) faced the most significant downturn with a loss of 24.25%, while API3 fell 17.32% and XDC Network (XDC) dropped 6.64%.
Overall Market Cap and Bitcoin Dominance
The cryptocurrency market’s overall market cap currently stands at $1.16 trillion, with Bitcoin’s dominance rate at 48.8%.
