Today’s Crypto Market Update: Bitcoin Drops Below $28k, while Dogecoin and Shiba Inu Experience up to 7% Losses
On Monday, the global cryptocurrency market saw a decline, with Bitcoin (BTC) falling 2.62% to $27,706, bringing its market cap down to $536.28 billion. The market cap for the total global cryptocurrency market was around $1.16 trillion, falling 2.27% in the last 24 hours. Other major cryptocurrencies like Ethereum (ETH), Dogecoin, Shiba Inu, Solana, and BNB were also trading lower. Analysts are eagerly awaiting productivity and job data from the US this week to determine the future direction of cryptocurrency prices. The Relative Strength Index (RSI), Stochastic %K, and Average Directional Index indicate a neutral outlook for major cryptocurrencies. The volume of all stablecoins is now $29.78 billion, which constitutes 87.42% of the total crypto market 24-hour volume, while the DeFi volume is $3.62 billion, 10.61% of the total. Price fluctuations in the key trading range of $28,200 to $28,900 will play a significant role in determining the future direction of Bitcoin’s price.
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