Bitcoin Remains Stable at $22,000 in Crypto Market Today as XRP, Solana, Dogecoin, and Shiba Inu Experience Up to 3% Price Drop
The global cryptocurrency market remained range-bound on Monday after Silvergate Bank’s trouble caused market uncertainty. Bitcoin was trading flat, holding steady at $22,000, while Ethereum fell slightly below $1,600. Altcoins traded mixed, with XRP dropping about 3% and Avalanche shedding more than 2%. Market participants are looking forward to updates on inflation and rate hike cues from global economic data this week. Edul Patel, co-founder and CEO of Mudrex, said that since Bitcoin has grown 63% since its last lowest cycle, traders and investors are anticipating positive economic data from China that may prompt them to jump back into the market. Ripple remained stable between a descending trendline and the $0.23 fib level at $0.36 since the beginning of the year. Bulls should focus on the descending trendline and the fib resistance at $0.39, aiming to test its golden pocket at $0.46, while bears should aim to break the fib support at $0.36, which may pull it down to its eight-month low at $0.3. The global cryptocurrency market cap was trading lower at $1.02tn, with total trading volumes down more than 8% to $27.51bn.