Cryptocurrencies Maintain Sideways Momentum to Start the Week

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Created by TradeOr

3rd Party Analysis 31 Aug 2021

Key Takeaways

  • Major tokens remain relatively flat in Monday trading, Bitcoin’s price hovers below $48,000
  • Solana’s token surges almost 50% in seven days, outperforming any other coin in the top 10

Cryptocurrencies Continue Trading Sideways

Cryptocurrencies traded mostly sideways on Monday, keeping in line with the consolidation that has been narrating the broader digital asset market for the past week. Since Bitcoin broke above $50,000 last Monday, cryptos have widely entered into a rangebound trading mode that’s kept a lid on major pairs so far.

Bitcoin traded its way through Monday with a relatively unchanged price. The leading cryptocurrency declined less than 1% on the day. After slipping more than 3% to its lowest intraday level of $47,350, the price of Bitcoin closed Monday’s session at $48,600 per coin.

Ether, on the other hand, pushed to the upside as buying momentum buoyed the second-biggest coin. The Ethereum token was lifted nearly 2% on Monday to a closing price of $3,300. Ether reached its upper end of a three-week long trading range that’s been defining the moves in its price.

Since early August, ether slid into a consolidation period that’s been dictating a relatively stable and consistent price movement in the range between $3,000 and $3,300.

New Tokens Grow in Popularity

In the meantime, Solana’s SOL token has advanced around 50% over the past week, adding about $15bn to its market capitalization. Solana’s cryptocurrency is now a top 10 coin thanks to its growing popularity among retail traders and institutional investors. The boom in non-fungible tokens (NFTs) and decentralized finance (DeFi) is also bolstering the digital asset’s value.

Among other top 10 coins, Dogecoin is presently the biggest decliner in the 10 biggest crypto coins. The Shiba Inu-themed cryptocurrency originally created as a joke has depreciated by more than 12% over the past seven days. Dogecoin is currently trading near $0.28.

Bitcoin’s price in the early hours of Tuesday’s market session hovers relatively flat near $48,000 per coin. The flagship cryptocurrency is lower by about 4% over the last week.

Ether’s Monday gains have helped push the token’s price to unchanged levels for the past seven days of trading. Ether is changing hands at a price of $3,350 on Tuesday.

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