Cryptocurrency values dropped significantly on Monday, as the global crypto market capitalization fell to $840.2 billion, with a 24-hour trading volume of nearly $29.3 trillion.
According to Edul Patel, CEO and co-founder of Mudrex, “Bitcoin has been fluctuating in a tight range, between $17,300 and $16,800, showcasing a range-bound rally. Both buyers and sellers are vying for control at these high levels, with the immediate support at $16,900 and resistance at $17,000.”
The second largest cryptocurrency Ethereum, or Ether, dropped 1.9% to $1,245.5, with a market capitalization of $152.5 billion and an exchange volume of $3.9 billion.
Patel added, “Ethereum has also been trading in a similar fashion to Bitcoin, in a tight range between $1,300 and $1,225. Due to market uncertainty, the price is struggling to surpass these levels.”
The meme-based virtual currency Dogecoin experienced the most significant decline of 9.1%, falling to a market capitalization of $11.6 billion with a trading volume of $413.4 million.
Shiba Inu fell 4.3%, with a market capitalization of $4.9 billion and a trading volume of $115.9 million.
Solana was down 4.7%, trading at $13, with a market capitalization of $4.8 billion and a 24-hour trading volume of $149.6 million.
Polygon dropped 3.4%, with a market capitalization of $7.7 billion and a trading volume of $178.5 million in the last 24 hours.