Market Cap of Cryptocurrencies Declines to $1.5T

Exchange-traded market prices of Bitcoin, Ethereum and other large cryptocurrency moves steadied on Monday ahead of the US economic data release.

Data from the crypto exchange showed that the price of Bitcoin has fallen less than 1% over the past 24 hours to below $36,950 over retail selloffs.

Analysts noted that price from its recent peak near $38,000 but still within a range that has held for almost a week after the latest stage of a month-long rally.

The largest digital asset has surged almost 40% in less than a month amid calls for a new bull market, snapping out of a prolonged period of subdued volatility and trading volumes.

The market is expecting consumer-price index (CPI) inflation reading on Tuesday alongside Wednesday’s retail sales data could both be catalysts for readjusting rate expectations.

Bitcoin’s relative strength index (RSI) continues to diverge from the price trend, which usually indicates a trend reversal,” noted Hasegawa.

“RSI’s divergence has occurred twice this year and they usually last about one month until the price changes its course … Bitcoin’s price trend may start to reverse towards the end of the week.

Beyond Bitcoin, Ether — the second-largest token, which recently has benefited from news that BlackRock has filed for a spot Ether exchange-traded fund (ETF) — advanced less than 1% to $2,050.

Smaller cryptos or altcoins were more mixed, with Cardano down 4% but Polygon popping 5%. Memecoins were lower, with both Dogecoin and Shiba Inu declining more than 1%.

Other very smaller cryptocurrencies were little changed Monday, holding firm at elevated levels near the peak of a recent rally. However, one technical indicator is flashing and could suggest prices may be vulnerable to retracing some gains.

Miners Earned Big

The Bitcoin  mining community recorded its annual all-time high (ATH) on Nov. 12 after raking in over $44 million in block rewards and transaction fees.

The revenue from Bitcoin mining primarily comes from rewards for confirming Bitcoin transactions and creating new blocks using high-tech computer equipment known as mining rigs. Miners currently receive 6.25 BTC for every successful block creation in addition to the transaction fees.

On Nov. 12, the daily Bitcoin mining rewards crossed $44 million for the first time in 2023, a number last seen in April 2022, according to data from blockchain.com.

Between April 2022 and November 2023, several factors contributed to the dip in the revenue of Bitcoin miners globally.

They include a prolonged bear market, negative investor sentiment around scams and ecosystem collapses and unfriendly regulations that prevent investors from transacting Bitcoin freely.

However, 2023 saw an overall trend reversal as crypto entrepreneurs took charge of the situation and helped regain investor confidence. As a result of rising market prices coupled with growing interest among the masses, the mining community witnessed a year-long increase in revenue.  Investors Stake N653bn on Nigerian Sukuk -DMO

Previous articleUK PM Fires Interior Minister,  Suella Braverman
Next articleNNPCL Restores 275,000bpd Production, Settles Rift
MarketForces Africa, a Financial News Media Platform for Strategic Opinions about Economic Policies, Strategy & Corporate Analysis from today's Leading Professionals, Equity Analysts, Research Experts, Industrialists and, Entrepreneurs on the Risk and Opportunities Surrounding Industry Shaping Businesses and Ideas.