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Bitcoin, Ethereum, Dogecoin Slide: Analyst Says It’s Time To Hide Apex Crypto – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)

The two largest cryptocurrencies traded in negative territory late Monday as the global cryptocurrency market capitalization slipped 3% to $918.7 billion as of 9:12 p.m. EDT.

Price performance of major coins
Piece of money 24 hours 7 days Price
Bitcoin BTC/USD -2.3% -2.7% $19,059.17
Ethereum ETH/USD -4.1% -3.2% $1,279.79
Dogecoin DOGE/USD -5.8% -2.4% $0.06

Top 24 hour gainers (data via CoinMarketCap)
Cryptocurrency % change over 24 hours (+/-) Price
TerraClassicUSD (USTC) +22% $0.04
Huobi Token (excl. tax) +20.1% $5.15
Maker (MKR) +5.1% $956.84

See also: How to get free NFTs

Why it matters: Bitcoin and Ethereum followed by the main US stock indexes which ended in the red on Monday. The S&P 500 and Nasdaq closed down 0.75% and 1% respectively. At the time of this writing, equity futures were slightly in the green.

Bitcoin Shows Signs of Struggle Early in the Week After Slipping Below $20,000, Says Edouard Moyasenior market analyst at OANDA.

“At the end of the day, not much has changed. The cryptocurrency has been fluctuating around $20,000 for months and it still does now.

Michael van de Poppe said Bitcoin’s market value to realized value ratio (MVRV) — which is its market capitalization divided by realized capitalization — is at its lowest point.

“This means that the current price Bitcoin is trading is way below fair value,” the cryptocurrency trader said on Twitter. He also mentioned other occasions when this happened, including the COVID-19 crash.

Van de Poppe urged his followers on the social media platform to “hoard” Bitcoin.

Meanwhile, the dollar index, a measure of the greenback’s strength against a basket of six currencies, rose 0.3% on Monday. Analyze an index chart, Justin Bennetta cryptocurrency trader, said he was showing “some early signs of weakness.”

Notably, cryptocurrencies and other risky assets have recently moved in the opposite direction to the dollar index.

Kaiko Search said Bitcoin and Ethereum open interest on Binance – the largest derivatives exchange – has reached all-time highs, which is a signal that new capital is entering the cryptocurrency markets.

Open Interest on Perpetual Futures on Binance – Source Kaiko Research

The cryptocurrency market data firm said in a note, seen by Benzinga, that Bitcoin’s open interest has risen 20% since late September to 183,000 BTC, while over a similar period, the Ethereum open interest had increased by 10% to 1.3 million ETH.

Meanwhile, Bitcoin’s mining difficulty has adjusted to a new all-time high thanks to a rapid increase in the network’s hashing power, Glassnode tweeted.

“It increases the [BTC] cost of production and puts additional stress on miners,” the on-chain analytics firm said.

Read more : Kevin O’Leary Says There’s a Main Catalyst That Can Push Bitcoin Higher

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