Sodiq Ganiyu
Bitcoin (BTC) maintained stability near $51,500, reflecting the usual low volatility during the weekend. However, ether (ETH) and certain ecosystem tokens showed upward movement, driven partly by the emergence of the new ether ETF narrative. ETH surpassed $3,100, while other tokens like XRP, ADA, and AVAX experienced marginal fluctuations.
Tokens associated with Mantle (MNT), an Ethereum layer-2 platform, surged by 30%, hitting a record high of 93 cents. This surge followed the achievement of mantleETH (mETH), a staked form of ether, surpassing $1.5 billion in locked value.
Concerns were raised by some traders regarding a potential short-term downturn in Bitcoin’s price, with predictions suggesting it could drop to as low as $47,000. Alex Kuptsikevich, a senior market analyst at FxPro, noted the significance of Bitcoin’s price dipping below $51,000, warning of a deeper correction if no rebound occurs.
Despite global equity indices reaching unprecedented levels, the crypto market has seen selling pressure since Friday, indicating a heightened sense of investor caution.
Elijah Idowu
