Bitcoin traded below the $19,000 mark on Monday morning in Asia after hovering around the resistance level all week. Ethereum and most of the other top 10 cryptocurrency tokens by market capitalization lost ground. XRP once again defied broader market forces and was up on the day.
See related article: Markets: XRP Soars 23%, Bitcoin Holds Over US$19,000, Ether Gains
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Markets: Bitcoin price falls below US$19,000, ETH down, XRP continues to rise
Bitcoin traded below the $19,000 mark on Monday morning in Asia after hovering around the resistance level all week. Ethereum and most of the other top 10 cryptocurrency tokens by market capitalization lost ground. XRP once again defied broader market forces and was up on the day.
- Bitcoin fell 0.6% in the past 24 hours to trade at $18,817 as of 9:30 a.m. HK, while Etheruem was down 1.8% to $1,296, according to CoinMarketCap. Solana was the biggest loser in the top ten, falling 3.4% to US$32.3. Dogecoin, the main memecoin, fell 2.6%, reducing its seven-day gain to 5.5%.
- Ethereum has failed to recover its price since its highly anticipated upgrade to a proof-of-stake network on September 15, which many analysts believe would boost the price of the asset. The token is down more than 20% since “The Merge”.
- The rally in XRP, the native token of XRP Ledger that powers Ripple’s payment network, extended into another week, gaining 2.1% to trade at $0.49 on Monday, taking gains to more 35% over the past seven days.
- Data from LunarCrush indicates that social engagements and mentions of XRP spiked late last week as Ripple Labs and the U.S. Securities and Exchange Commission (SEC) seek summary judgment in their lawsuit.
- US stocks ended lower on Friday. The Dow Jones Industrial Average closed down 1.6%, the Nasdaq Composite Index lost 1.8%, while the S&P 500 index ended down 1.7%.
- The U.S. dollar index is at a 20-year high after the Federal Reserve hiked rates another three-quarters of a point. The index is now up more than 20% over the past twelve months, according to MarketWatch.
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