Bitcoin, Ethereum, Dogecoin Trade Mixed Ahead Of Fresh Trading Week

Major cryptocurrencies exhibited mixed trading behavior amid mounting regulatory challenges and liquidity concerns.

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EST)
Bitcoin BTC/USD +0.23% $25,915
Ethereum ETH/USD -0.32% $1,745
Dogecoin DOGE/USD -0.52% $0.061

What Happened: Last week was tumultuous for the cryptocurrency world, as a major U.S. regulatory body Securities and Exchange Comission (SEC) cracked down on crypto exchanges and labeled several major altcoins as securities.

Despite this setback, the crypto market has shown resilience. Bitcoin remained steady after a slight dip over the weekend that sent the token below $26,000 due to low trading volumes. Ether followed a similar trend. 

Top Gainer (24 Hour)

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EST)
PolygonT +5.12% $0.63
Aptos +4.61% $6.23
Zcash +3.63% $24.69

At the time of writing, the global crypto market capitalization stood at $1.05 trillion, an increase of 0.30% over the last day. 

Traders kept a close watch on S&P 500 futures Sunday night, as all eyes are set on the Federal Reserve policy meeting and the latest inflation data. 

The S&P 500 futures remained relatively unchanged, adding a minimal 0.14%, while the Nasdaq 100 futures saw a slight boost of 0.27%. 

After a positive run for markets, with the S&P 500 rallying to its highest point since August and posting its fourth consecutive week of gains, investors maintained their optimism heading into the new week. On Friday, the S&P 500 was up by 0.11%, while the Nasdaq Composite saw an uptick of 0.16%.

See More: Best Crypto Day Trading Strategies

Analyst Notes: “Ideally with Bitcoin, you’d want to see a sweep of the lows. Bitcoin tested the resistance at $26,100, but couldn’t break through it. CME gap at $26,500 likely to get filled in the next few weeks. Bids at $25,000, flip at $26,100 also a continuation trigger,”  said Michaël van de Poppe.

According to DonAlt, a pseudonymous analyst, the current outlook for altcoins is bleak. Despite Bitcoin remaining well above its 2022 price floor, many of the popular altcoins are now trading close to their yearly lows. 

Crypto bulls should shift their focus towards accumulating altcoins with a strong underlying narrative rather than being dissuaded by the current market downturn, suggests DonAlt. “If you want to buy something, buy something with a narrative. That’s why I’ve been trading Litecoin; that’s why I’ve been trading XRP because I knew Litecoin – the halving narrative – you can make use of that. XRP – the SEC case, you can trade that way. But those are the only ones that you can touch.” 

According to Santiment, the on-chain data analytics firm, while the altcoin market is experiencing wild fluctuations, Bitcoin’s accumulating whales are quietly signaling a bullish divergence. Despite falling prices, whale holdings have been increasing by approximately 1,000 BTC per day, which suggests a promising rebound may be on the horizon.
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