Bitcoin traded below the US$19,000 mark in early Monday trading in Asia after fluctuating around the resistance level all week. Ethereum and most other tokens in the cryptocurrency top 10 by market capitalization lost ground. XRP once again defied broader market forces and was up on the day.
See related article: Markets: XRP soars 23%, Bitcoin holds above US$19,000, Ether gains
- Bitcoin fell 0.6% in the past 24 hours to trade at US$18,817 at 9:30 a.m. in Hong Kong, while Etheruem lost 1.8% to US$1,296, according to CoinMarketCap. Solana was the biggest loser amongst the top ten, dipping 3.4% to US$32.3. Leading memecoin Dogecoin was down 2.6%, paring its seven-day gain to 5.5%.
- Ethereum has failed to recover in price since its much-anticipated upgrade to a proof-of-stake network on Sept. 15, which many analysts had predicted would increase the asset’s price. The token is down over 20% since “The Merge.”
- The rally in XRP, the native token of XRP Ledger that powers Ripple’s payment network, extended into another week, gaining 2.1% to trade at US$0.49 on Monday bringing gains to over 35% in the past seven days.
- Data from LunarCrush indicates that XRP’s social engagements and mentions spiked at the end of last week as Ripple Labs and the U.S. Securities and Exchange Commission (SEC) seek a summary judgment in their lawsuit.
- U.S. equities ended trading lower on Friday. The Dow Jones Industrial Average closed down 1.6%, the Nasdaq Composite Index lost 1.8%, while the S&P 500 Index ended 1.7% down.
- The U.S. dollar index is at a 20-year peak, after the Federal Reserve increased rates by another three-quarters of a point. The index is now up over 20% in the past twelve months, according to MarketWatch.
See related article: Helium bound for Solana as community favors proposal