Top Cryptocurrencies Struggle for Direction

Top Cryptocurrencies Struggle for Direction

Amidst uncertainties and rising demand for regulation in developed economies, most major digital assets struggled for direction as of late Monday afternoon, in sync with US equity markets.

Bitcoin (BTC-USD), the largest cryptocurrency by market value, was changing hands at $27,354, down 0.5% in the past 24 hours, after swinging between a day’s low of $27,070 and a high of $27,979, CoinMarketCap data showed.

Trading volume was at $17.61 billion. The most popular cryptocurrency is up 65% year-to-date, compared with an 18.5% gain for the technology-focused Nasdaq 100 index and a 7.6% increase for the S&P 500 index.

Ethereum (ETH-USD), the second-largest digital asset, was trading 1.1% lower at $1,829, slashing its 2023 advance to 53%.

BNB (BNB-USD), the fourth-largest digital asset, increased 1.1% in the past 24 hours, whereas XRP (XRP-USD), the sixth-largest, inched up 0.3%. Cardano (ADA-USD) was down 0.1%, Dogecoin (DOGE-USD) was up 0.7%, and Polygon (MATIC-USD) was up 0.2%.

The CoinDesk Market Index was in negative territory at 1,221.  Nasdaq 100 was down 0.3%, and the S&P 500 and the Dow Jones Industrial Index were up 0.1% and 0.2%, respectively.

The US two-year Treasury yield closed at 4.14% on Monday, down from 4.19% on Friday. The cryptocurrency industry’s global market capitalization retreated 0.3% to $1.15 trillion. #Top Cryptocurrencies Struggle for Direction

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