Cryptocurrency has been relatively buoyant of late, having benefitted from gutsier investor appetites that saw the risk-on markets escape from their weeks-long slump.
Global market capitalisation is at US$1.01tn this Monday morning, following a small daily dip of 1.5%.
Bitcoin remains above the US$20,000 support line as we head into a new week, although bearish pressure is being clocked on the four-hour trading chart, causing a 1.4% drag.
However, bitcoin’s US$20,500 price point is still around 6% up week on week.
Bitcoin is up on the week, though some drag is noted on the four-hour chart – Source: currency.com
Ethereum dipped 2.2% in the past day, but its exchange price of US$1,581 is still up an impressive 18.2% week on week.
Having more than doubled in value in the past seven days as Elon Musk finalised his takeover of Twitter, Dogecoin (DOGE) has retraced by around 8% this morning.
But not before some US$52mln in short positions were liquidated on the exchanges.
With a market capitalisation of over US$15bn, the meme coin remains extremely overbought, making further retracement likely.
DOGE’s relative strength index (purple) shows the meme coin’s highly overbought position – Source: currency.com
Among the large-cap altcoins, Cardano (ADA) and Polygon (MATIC) saw the biggest losses this morning, having both dipped around 3.5%, while Solana (SOL) and Polkadot (DOT) opened in the green.
Tron (TRX) and Avalanche (AVAX) are also down.
In the decentralised finance (DeFi) space, Convex Finance and Lido have dipped 6% and 8% respectively, while Uniswap has seen a 4.5% reversal from its recent rally.
Curve and Compound Finance have also underperformed.
Total value locked across all DeFi protocols is currently at U$55.38bn.