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Bitcoin, Ethereum Face An ‘Uphill Task’ But Investors Spoiled For Choice As NFTs, Metaverse Bets, Altcoins Begin To Shine – Bitcoin – United States Dollar ($BTC)

Bitcoin, Ethereum Face An 'Uphill Task' But Investors Spoiled For Choice As NFTs, Metaverse Bets, Altcoins Begin To Shine
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Bitcoin (CRYPTO: BTC) was trading flat 24 hours a day Monday evening, as the global cryptocurrency market cap fell 3.5% to $1.99 trillion.

What happened: The major coin was down 0.4% at $4,707.83 over the 24-hour period. This week it has fallen by 10.1%.

Ethereum (CRYPTO:ETH) It fell 2.8% to $3,068.59 in 24 hours. Over seven days, it fell by 18.4%.

meme crypto currency, Dogecoin (CRYPTO: DOGE), it fell 5.4% to $0.14. Over the past seven days, it’s down 15.9%.

Shiba Inu SHIP stock was trading in the red 6.2% at $0.0000266. Competitor DOGE lost 19.4% of its value during the week.

Arrow (with), Zcash (ZEC) and Tera (LUNA) were the top three gainers over the 24-hour period, according to CoinMarketCap data.

AR is up 8.3% to $52.23, ZEC is up 6.4% to $144.77, and LUNA is up 6.2% to $73.43 over the period.

See also: How to buy Bitcoin (BTC)

why does it matter: Bitcoin fell below the psychologically important $40,000 level, while Ethereum fell below the $4,000 mark in daily trading on Monday.

Safe haven yields reached multi-month highs last week. Both stocks and cryptocurrencies are expected to come under pressure as the attractiveness of bonds increases Kaiko Research, in an email note.

Treasury Returns Over Time – Courtesy of Kaiko Research

Edward MoyaTreasury yields rose on Monday, said OANDA’s senior market analyst, as “expectations remain strong that inflation will not subside anytime soon.”

“Bitcoin’s drop below $40,000 was as short-lived as Ether’s drop below $3,000,” Moya wrote in a note seen by Benzinga.

“The two biggest cryptocurrencies have an uphill battle to get back to their all-time highs, as cryptocurrencies now offer more investment opportunities including NFTs, metaverse staking, and several altcoins on the tour to become the next big blockchain.

At press time, Bitcoin is trading 37.59% below its all-time high of $68,789.63, which it touched in November, while Ethereum is down 23.6% from its highest price point of $4,891.70, reached in the same month.

Cryptocurrency dealer in Amsterdam Michael van de Poppe He said on Monday that there was a “placebo on the downside of [Bitcoin]. He tweeted that if the $40,600 level for Bitcoin held steady and there was a continuation of the rally to $42,600, then $46,000 would be “on the tables.”

Meanwhile, the amount of Ethereum held by the top 10 non-exchange whale addresses swelled to 25.7 million ETH on Monday, while the top 10 whale addresses fell to 3.57 million ETH, according to Santiment data.

Chart depicting Ethereum holdings over time for the top non-exchanged whales and top exchange whales – courtesy sentiment

The ratio between these two scales is the highest since the beginning of the origin, according to tweet from Santiment.

read the following: Bitcoin and Ethereum RSIs at Two-Year Lows – Here’s What the Experts Are Watching

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