Bitcoin price held on to its sizable gains to continue trading above $21,000; Ether held above $1,700

Bitcoin price held weekend gains to move toward $22,000 while other tokens in the top 10 by market capitalization were flat to lower. At the time of writing, BTC is changing hands at $21,813.


BTC/USD 4-hour chart | Source: TradingView

Bitcoin price remains steady above $21,000

Bitcoin rose 2% in the past 24 hours, while Ethereum lost 0.8% to $1,762. Bitcoin held fast above its latest $21,000 threshold over the weekend as investors continued their hopeful wait for positive U.S. inflation data in the coming week. The largest cryptocurrency by market capitalization was recently trading at approximately $21,800, up about 1% and somewhat higher than where it began the weekend. BTC spiked more than 10% at one point on Friday amid market optimism that with prices starting to fall, the U.S. central bank would be able to ratchet back its current diet of robust interest rate increases and liquidity tightening next year.

While bulls will welcome this bounce, it is important to note how continued bearish price action has intermittent relief rallies, especially as short position holders take profit.

Ethereum has out-performed Bitcoin over the past three months — gaining nearly 50% compared to Bitcoin’s loss of 2% over that time frame — amid growing interest in Ethereum’s long-awaited network “Merge” that is expected to take place in the middle of this week.

Ether slipped, along with Polkadot and XRP. Most other major cryptos top 20 by market cap were slightly in the red with UNI recently off more than 3% and popular meme coins DOGE and SHIB down over 2%. The governance token of the Bored Ape Yacht Club (BAYC) ecosystem, ApeCoin, was up 11% to its highest price in over three weeks, trading at US$5.64. Three of the top six highest-selling non-fungible tokens (NFT) collections in the past 24 hours are associated with projects of the BAYC.

The overall cryptocurrency market cap stands at $1,056 trillion, and Bitcoin’s dominance rate is 39.4%.

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