Advertisement
Singapore markets close in 2 hours 58 minutes
  • Straits Times Index

    3,279.86
    -13.27 (-0.40%)
     
  • Nikkei

    37,640.85
    -819.23 (-2.13%)
     
  • Hang Seng

    17,250.03
    +48.76 (+0.28%)
     
  • FTSE 100

    8,040.38
    -4.43 (-0.06%)
     
  • Bitcoin USD

    64,223.23
    -2,526.76 (-3.79%)
     
  • CMC Crypto 200

    1,390.87
    +8.30 (+0.60%)
     
  • S&P 500

    5,071.63
    +1.08 (+0.02%)
     
  • Dow

    38,460.92
    -42.77 (-0.11%)
     
  • Nasdaq

    15,712.75
    +16.11 (+0.10%)
     
  • Gold

    2,331.60
    -6.80 (-0.29%)
     
  • Crude Oil

    82.95
    +0.14 (+0.17%)
     
  • 10-Yr Bond

    4.6520
    +0.0540 (+1.17%)
     
  • FTSE Bursa Malaysia

    1,570.29
    -1.19 (-0.08%)
     
  • Jakarta Composite Index

    7,157.23
    -17.30 (-0.24%)
     
  • PSE Index

    6,582.08
    +9.33 (+0.14%)
     

Ether, Mantle Lead Crypto Majors as Bitcoin Traders See Prices Correcting to $48K

Bitcoin {{BTC}} prices were little changed in line with a trend of low weekend volatility, with ether and some ecosystem tokens driving gains instead on the back of the relatively new ether {{ETH}} ETF narrative.

Bitcoin hovered around the $51,500 mark in Asian morning hours Monday, while ether regained the $3,100 level. XRP, Cardano’s ADA and Avalanche’s AVAX were down 1% in the past 24 hours, while BNB Chain’s BNB was up 1.2%.

Tokens of Ethereum layer-2 platform Mantle {{MNT}} zoomed 30% to set a lifetime peak at 93 cents. There was no immediate catalyst for the price gains, but it came on the back of mantleETH {{mETH}}, a staked version of ether, crossing the $1.5 billion value-locked mark last week.

Meanwhile, a trader said that bitcoin could see a short-term correction to as low as $47,000.

ADVERTISEMENT

“The price of bitcoin has fallen below $51K, which is near the bottom of the consolidation range of the last eight days,” Alex Kuptsikevich, FxPro senior market analyst, told CoinDesk in an email. “Without a bounce from here, we could see a deeper correction begin, potentially as low as $47-49K.”

“Since Friday morning, crypto has been dominated by selling despite all-time highs in many global equity indices. As a very sensitive indicator, the crypto market may be signaling that investors have become a little more cautious,” Kuptsikevich added.