Major cryptocurrencies were expected to rise significantly over the weekend. Asset indicators, investor sentiment, and the news background contributed to the establishment of new all-time highs by altcoins. However, a combination of factors turned the situation in the opposite direction, and the main cryptocurrencies have declined significantly over the past two days. At the same time, altcoins start the new week cheerfully and are again approaching historical marks.
The main altcoin ETH began to fluctuate at the end of last week when there was a failure during the Berlin update. Subsequently, the situation was aggravated by the listing of Coinbase shares and a 10 percent drop in BTC quotes. On Monday, as of 13:00 UTC, the asset began to recover its positions and has already reached the level of $2,211. Over the past day, the cryptocurrency has risen in price by 4% and significantly increased the volume of daily trading, which reached $43 billion. It is worth noting that the ether will continue to grow in price and only occasionally adjusted by the market. This is due to the increased stability of the asset, as well as a new wave of demand for the main altcoin. The Berlin update has hit the cryptocurrency quotes locally due to an error, but in the broader perspective, this is the way to change the proportion of ETH network users in favor of institutions. Therefore, the ETH/USD pair is quite capable of getting close to the $2,500 mark by the end of this week.
XRP also underwent a local correction over the weekend, which, however, lasted much less than the rest of the assets. As a result, the cryptocurrency is already approaching the designated local maximum and has risen in price by 5.3% in 24 hours. At the same time, interest in the asset fell slightly, and as evidence of this, a modest daily trading volume of $17 billion. Despite this, interest in cryptocurrency continues to grow due to the stable situation in the confrontation between the SEC and Ripple. In the coming days, XRP will continue to grow actively and will again climb to the historical level in the region of $1.7-$1.8.
LTC indicators indicate that the asset will soon leave the top 10 cryptocurrencies in terms of capitalization. The symbolic price increase of 1% per day is a clear confirmation of this. Daily trading volumes of just $11 billion also indicate weak interest in the coin. Litecoin will continue to grow if it receives the necessary impetus from the market, but one should not expect independence from altcoin.
Polkadot is experiencing a minor crisis. Altcoin declined by 1.3% in 24 hours, and the dynamics of price changes over the week (-10.6%) indicate a significant decrease in interest in the cryptocurrency. A similar situation is observed with Cardano, which has shown good growth over the past day by +2.4%, but in a wider range, the asset has the same problems as the DOT/USD pair. Both assets are losing their audience, as evidenced by a significant decrease in daily trading volumes. This is primarily due to the success of its main competitor, Ethereum, which has released an update and is showing more confident growth. In the bottom line, we can say that the market is in a positive mood, as evidenced by the increase in total capitalization by 4.8% over the past day. Cryptocurrencies will continue to grow and will soon get close to historical marks.
