Bitcoin barely moved over the weekend, in fact, it failed to break through the $37,000 mark and has been down by 3.21% in the last 24-hours. Ether and fellow altcoins are also at their lows. The overall crypto market seems to have taken a bullish stance.
Ethereum is close to the $2,500 resistance mark and is currently trading at $2,496 but has been down 3.72% in the last 24-hours, as per CoinMarketCap. XRP is down nearly 6%. Emerging altcoins Polygon MATIC, Avalanche AVAX and Polkadot DOT are also in the red. Avalanche and Polygon MATIC have slipped 10% in the last 24-hours.
Terra LUNA, the biggest loser, seems to be continuing with its lows from last week. This stable coin can no longer brag about its price stability Experts attribute the coin’s fall to the Wonderland drama. Zach, a pseudonymous Twitter user, revealed that Michael Patryn was the core of the Wonderland project. Patryn is the co-founder of QuadrigaCX. This Canadian exchange was initially thought to be a Ponzi scheme and fell apart in 2019 after Gerald Cotten, the main founder was rumored to have died in India. Moreover, Patryn had pleaded guilty to credit and bank fraud in 2005 and burglary, theft, and computer fraud in 2007.
Overall, analysts and crypto investors are hopeful for some much-needed gains this week. BTC is struggling to stay at $37,000 and needs support at the $36,500 mark. Analysts believe that if bitcoin falls below $36,000, there will be more falls in the week. And there is noted resistance at the $37,500 and another at the $38,000 mark. As for the world’s second most popular crypto Ethereum, hopes are on bitcoin.