The crypto markets went into stabilisation mode over the weekend following Friday’s sudden reversal, clawing back 1.5% to bring global market capitalisation to US$1.02tn.
Bitcoin is staying well below the key US$22,000 line for the moment, changing hands at US$21,400 at the latest reading. Ethereum plotted a similar course, having stabilised over the weekend at the US$1,600 price point.
Large-cap blockchain networks including Cardano, Polkadot, Polygon, Avalanche and Solana also managed to stabilise; although Solana outpaced the market with a 2.6% rally in the past 24 hours, bringing market cap to US$12.6bn.
On the other hand, mid-cap blockchain networks EOS and Elrond were among the strongest altcoins, having added 8% and 4.5% respectively in the past day.
As for the meme coins, Shiba Inu is highly volatile right now, experiencing sharp swing highs and swing lows between US$7bn and US$7.5bn, while Dogecoin is settling just above US$9bn.
The Celsius short squeeze seems to be losing ground, with the bears knocking close to 15% from CEL token’s market capitalisation this Monday morning.
Total volumes across the decentralised finance (DeFi) space fell over 4% to US$61.4bn over the weekend.