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Bitcoin, Ether Remain Steady, But Analysts Have Bearish Price Predictions
Major token prices were little changed over the weekend as bitcoin (BTC) and ether (ETH) held above support levels in the absence of a catalyst that could help sway prices, though interest-rate decisions due later this week may introduce downward pressure.
Markets remained generally tepid, with overall capitalization growing just 0.4% in the past 24 hours, according to CoinGecko data. Crypto futures liquidations clocked in at just $48 million – their lowest level since mid-August – while open interest, or the amount of futures contracts, grew 4%, suggesting a low sentiment.
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Bitcoin traded just under $26,700 and ether exchanged hands at $1,630 as of Asian afternoon hours Monday, adding just 0.5% in the past 24 hours. The CoinDesk Market Index (CMI) rose 0.3%, mirroring low gains among alternative currencies.
Toncoin (TON) led losses among major tokens, dropping 1% in the past 24 hours, most likely as traders took profits on a 40% increase last week after messaging giant Telegram said it would integrate a TON-based app on its platform.
Meanwhile, some traders are awaiting key decisions in traditional markets they say could be bearish for the crypto environment.
“Markets could move nervously in the next few days as we await major data prints from the U.K. and U.S., with both countries’ central banks due to announce new rate decisions later this week,” said Simon Peters, a market analyst at investing platform eToro, in a note to CoinDesk.
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“Despite inflation falling in both economies, signs are there that this retreat might not be fully felt yet. Like other risk assets, crypto assets are sensitive to rate expectations so any hardening in tone could leave investor sentiment bearish,” he wrote.
Edited by Sheldon Reback.
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Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
