Major cryptocurrencies continued to extend losses on Monday night as the global cryptocurrency market cap fell 3.02% to $1.25 trillion.
What Happened: The apex cryptocurrency — Bitcoin (CRYPTO: BTC) — traded 2.28% lower at $30,885.12 over 24 hours. For the week, BTC was down 6.76%.
Ethereum (CRYPTO: ETH) was in the red 3.38% at $1,823.01. Over a seven-day trailing period, ETH was down 10.37%.
Meme-themed Dogecoin (CRYPTO: DOGE) traded 3.23% lower at $0.17. On a weekly basis, the coin has plunged 16.28%.
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DOGE traded 1.58% lower against BTC and 0.54% lower against ETH over 24 hours.
The top gainer on Monday night was Dash (CRYPTO: DASH), an open-source cryptocurrency forked from BTC that is not often in news in the present.
DASH traded 26.3% higher at $145.87 over 24 hours ahead of an upcoming Dash Core Group Q2 quarterly call scheduled for July 22. The cryptocurrency has spiked 14.71% for the week.
Against BTC and ETH, DASH rose 29.46% and 30.83% respectively over 24 hours.
Other altcoins that saw gains over 24 hours include Unus Sed Leo (CRYPTO: LEO), Klaytn (CRYPTO: KLAY), and Ethereum Classic (CRYPTO: ETC).
LEO was up 2.07% to $3.03, KLAY shot up 0.4% to $0.92 and ETC traded 0.34% higher at $41.90.
Why It Matters: On-chain analytics firm Glassnode in its latest note said that the Bitcoin market is “extremely divided” with “expansion of volatility just around the corner.”
The firm made both a bear and a bull case for Bitcoin. The bear case highlights included market trading at the low end of a high on-chain volume cluster with little support between $31,000 and $18,800.
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Other factors were lackluster institutional demand, low on-chain activity, and losses that continue to be realized on-chain.
On the bull-side, Glassnode pointed to net entity growth which is creating an environment resembling “dollar cost average” style accumulation. The company said exchanges have seen net outflows after an extended period of inflows since mid-May.
Sell pressures from migration from China are abating for miners and they are in net accumulation, as per Glassnode.
Finally, Hodlers and accumulators over the long term are unshaken. “The volume of coins held in illiquid state continues to grow, and the potential supply squeeze is coming from a much higher base than the 2018-19 bear,” noted Glassnode.
“This demonstrates the remarkable conviction of BTC holders to weather extreme volatility.”
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