Cryptos Enter the Week Steady, Bitcoin Trading Above $36,000

blog-post-image

Created by TradeOr

3rd Party Analysis 07 Jun 2021

Key Takeaways

  • Bitcoin trades at unchanged levels for the past two days, floats right above $36,000
  • Total market capitalization climbs 10% in the past week, sits at $1.66tn on Monday

Cryptos Enter the Week Steady

The cryptocurrency market is trading relatively muted on Monday. Market participants went through a quiet weekend of trading with major cryptocurrencies hovering near unchanged levels. Meanwhile, Bitcoin continues to gravitate toward the $36,000 mark as the flagship coin has consolidated its price movement around that level for a second straight day.

Over the weekend, bitcoin skittered down to $35,000 on Saturday, from a session high of around $37,900. On Sunday, the price of bitcoin traded in the narrow range between $35,000 and $36,000 and finished the day in the green, snapping a two-day losing streak, up 0.35%, to $35,900.

As such, traders and investors today appear to be on an optimistic note as Bitcoin’s price extended the moderate gains and reached an early session high of $36,750. Therefore, the apex cryptocurrency could seal a second day of gains if buyers are able to sustain the price above the opening level of $35,900.

Total Market Capitalization Climbs 10%

Ether, the second largest coin, is faring better than its bigger rival this week. Subsequently, the Ethereum coin has pushed higher on Monday by a little over 4%, while Bitcoin’s daily performance now sits at 0.75%. In the last two days, Ether has advanced by 6.3%, while Bitcoin’s gains are less than 1% for the same period.

Dogecoin, the meme token cherished by Tesla and SpaceX CEO Elon Musk, marks in increase of 25% for the past seven days as Mr. Musk went on a posting spree on Twitter. In a series of tweets, the eccentric billionaire expressed his cryptic support for Dogecoin over Bitcoin.

However, his increasing power to influence the price of Bitcoin and Dogecoin has caught the attention of the hacking group Anonymous. The latter released a personal video message to the Tesla and SpaceX CEO in which they blame him for wanting to centralize Bitcoin. Thus, Anonymous say Elon Musk is “nothing more than another narcissistic rich dude who is desperate for attention.”

Total capitalization of the entire cryptocurrency market sits at $1.66tn as crypto traders enter the week. In fact, Bitcoin commands a $680bn treasury, or a market share of 40.9%. Indeed, the market has increased moderately over the past seven-day period, adding 10% to its valuation from last Monday when crypto land’s capitalization hovered around $1.52tn.

Trade BTC with 0% commission with TradeOr!