Ether, just behind Bitcoin, managed to break through its
resistance level. Up 3.53 percent, ETH touched $1,305, crypto price tracker
Gadgets 360 showed. Over the weekend, ETH gained $55.
“If Bitcoin and Ether manage to hold their current
positions, it could signal a bear market trend reversal. This suggests that
there is low selling volume, indicating that the bears may be losing steam,”
Edul Patel, CEO of crypto investment platform Mudrex told Gadgets 360.
Cardano and Solana — both altcoins brought big gains.
While ADA rose 19 percent to trade at $0.33 percent, SOL
gained 20 percent to trade at $16. Both altcoins remained affected by the rough
market momentum and piled on gains after days of losses.
Stable coins pegged to the US dollar — including USD Coin
and Ripple minted profits along with other altcoins like Polygon, Litecoin,
Polkadot and Tron.
Both meme coins, Shiba Inu and Dogecoin also reflected small
gains.
The overall valuation of the crypto market has increased by
3.19 percent in the last 24 hours. According to CoinMarketCap, the market
capitalization reached the $849.8 billion mark. In the last three days, the
valuation has risen in value by $33 billion.
Even outsider altcoins like Zilliqa, NEM, Cartesi, Augur and
DIA opened with gains today.
Cryptocurrencies that posted losses today include Binance
USD, Dash and Flex.
“The rally for most cryptocurrencies can be attributed to
the release of data showing that the US services industry contracted for the
first time in more than two years in December amid weakening demand.
Business price increases have also slowed significantly.
This suggests that inflation may be slowing down,” Patel further noted.