Crypto Price Today: Bitcoin falls below $41,200 amid profit booking; Toncoin, Chainlink tank over 8%
cryptocurrency, fell 4% to $42,167 in Monday's trade, influenced by profit-taking among investors. The largest token declined as much as 5.7% from Friday's high of $44,705.
Meanwhile, Ethereum, the second largest cryptocurrency, tanked nearly 5% to $2,236 at 10.56 am. The global cryptocurrency market cap also plunged 3.74% to around $1.58 trillion in the last 24 hours.
Other popular altcoins like Toncoin and Chainlink plunged 9% and 8.5%, respectively. Also, XRP, BNB, Solana, Cardano, Dogecoin, Tron, Polkadot, Polygon, Litecoin, and Shiba Inu declined 2-7%. On the other hand, Avalanche rose over 5%.
The abrupt market movement seems to be more of a correction or profit booking, considering BTC's eight consecutive weekly candle closures in the green, said CoinDCX Research Team.
Did you Know?
As a beginner to cryptocurrency investing, you should consider two critical things. First, you should determine and understand your risk tolerance, as cryptocurrencies can be volatile. Only invest what you can afford to lose. Secondly, don’t put all your funds in one cryptocurrency; diversify to mitigate risks. Deciding where to invest your hard-earned money can be difficult.
View Details»Edul Patel, CEO of Mudrex, said, «Bitcoin is facing increased take-profit and sell orders, triggering market-wide liquidations after reaching a new yearly high of US$44,700 last week. A break above the US$44,700 resistance could signify a continuation of the uptrend, while a drop below may find support at US$40,600.»
Investors are also gearing up for US inflation data this week and the Fed's final policy meeting of 2023, both of which could test aggressive bets on a rate cut.
The total volume in DeFi is currently $8.88 billion, 13.68% of the
