Majority of cryptocurrencies saw a decline over the course of the weekend as a result of the fall in US stocks brought on by Friday's strong job growth figures, raising worries about potential interest rate hikes to control the economy and tame inflation.
After giving up all of their weekend gains and trading flat on a weekly basis, Bitcoin, Ethereum and other major crypto tokens were trading low on Monday. Traders eagerly anticipate the US Fed Chairman's speech on Tuesday for hints about inflation and monetary tightening. However, investors don't appear to be in a rush, as there seems to be a feeling of confidence that the market will soon be up and blazing again.
Bitcoin lost roughly 4% of its value and fell to around the $22,000 level in the early Asian hours. However, although falling more than 4%, Bitcoin still aintains an unassailable lead on the top of the hierarchy, with a lead of over USD 20,000.
It was, no doubt, a weekend to forget for Bitcoin, as it was seen fluctuating within a small band of $22,900 and $23,100 on Sunday. Bitcoin has dropped over the last week in the last 24 hours, with support at $22,800 and resistance at $23,150. And on Monday morning, it traded for as low as $22,700.
However, analysts believe that BTC will bounce back up during the week and push further forward to continue its transcedental start to the New Year.
Ethereum, Bitcoin's biggest rival lost about 2% of its total value over the weekend. Most alternative currencies were trading at lower prices, but the losses were limited. Ethereum however maintained above $1,600, despite the downslide and traded at $1,619 on Monday morning.
The price of Ethereum has been moving in lockstep with that of Bitcoin, but if the negative regime starts, ETH will experience a sharp decrease. The smart contract token could find support at $1,429 in the event of rejection at the $1,677 monthly resistance level and a subsequent decline. Due to the intense pressure from investors seeking to book profits, a collapse of this level might push the price of Ethereum to $1,331. ETH might return to the $1,227 floor in a severe situation.
Meme coin, Big Eyes Coin (BIG) has continued to live up to expectations, despite the cryptocurrency market going down over the weekend. As at Monday morning, the soon-to-be-launched token had made an incredible USD 23million in presale, after making USD 21 million by Friday's close of business.
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