Daily Times

The cryptocurrency market edged lower on Monday, with the market capitalization losing 0.1 percent to reach $1.76 trillion.

As of 1315 hours GMT, the price of Bitcoin, the world’s oldest and most valued cryptocurrency, dipped to $42,629 with a decrease of 0.4 percent in the last 24 hours. The market capitalization of the biggest crypto has reached $835.5 billion with this decrease. Bitcoin has been 5.4 percent down in the past seven days.

Bitcoin dipped down as the excitement from the Bitcoin spot exchange-traded funds (ETFs) fizzled out. Following a week where Bitcoin touched $49,000, it experienced a setback. Despite widespread expectations of the ETF approval boosting Bitcoin purchases, the market seemed more eager to sell the news for profit-taking. Currently, Bitcoin is positioned just above its support level of $42,200, and its resistance level of $43,500 is still quite distant.

On the other hand, Ether (ETH), the world’s second-largest cryptocurrency by market capitalization, inched up by 0.1 percent to reach $2,533. With this increase in price, the market capitalization of ETH has reached $304.8 billion. ETH has gained 11.8 percent of its value during the last seven days.

However, Binance Coin (BNB) price increased by 4.6 percent to reach $319. The market capitalization of BNB has reached $48.9 billion with this increase. BNB has gained 5.2 percent of its value during the last seven days.

On the other hand, Solana price decreased by 1.7 percent to reach $95. With this decrease in price, its market capitalization has reached $41 billion. SOL has gained 0.8 percent of its value during the last seven days.

Similarly, the price of Ripple (XRP) increased by 0.9 percent to reach $0.578. The market capitalization of XRP stands at $31.4 billion with this increase. XRP has gained 1.9 percent of its value during the last seven days.

Other popular altcoins including Dogecoin (DOGE), Litecoin (LTC) and Cardano (ADA) registered minor losses across the board. Toncoin (TON) emerged to be the biggest gainer today, with a 24-hour jump of nearly 12 percent. Optimism (OP) became the biggest loser, with a 24-hour dip of over 7 percent.