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Ether, Mantle Lead Crypto Majors as Bitcoin Traders See Prices Correcting to $48K
“Without a bounce from here, we could see a deeper correction begin, potentially as low as $47,000-$49,000,” one trader said.
Updated Mar 8, 2024, 10:08 p.m. Published Feb 26, 2024, 7:03 a.m.
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Bitcoin prices were little changed in line with a trend of low weekend volatility, with ether and some ecosystem tokens driving gains instead on the back of the relatively new ether ETF narrative.
Bitcoin hovered around the $51,500 mark in Asian morning hours Monday, while ether regained the $3,100 level. XRP, Cardano’s ADA and Avalanche’s AVAX were down 1% in the past 24 hours, while BNB Chain’s BNB was up 1.2%.
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Tokens of Ethereum layer-2 platform Mantle {{MNT}} zoomed 30% to set a lifetime peak at 93 cents. There was no immediate catalyst for the price gains, but it came on the back of mantleETH {{mETH}}, a staked version of ether, crossing the $1.5 billion value-locked mark last week.
Meanwhile, a trader said that bitcoin could see a short-term correction to as low as $47,000.
“The price of bitcoin has fallen below $51K, which is near the bottom of the consolidation range of the last eight days,” Alex Kuptsikevich, FxPro senior market analyst, told CoinDesk in an email. “Without a bounce from here, we could see a deeper correction begin, potentially as low as $47-49K.”
“Since Friday morning, crypto has been dominated by selling despite all-time highs in many global equity indices. As a very sensitive indicator, the crypto market may be signaling that investors have become a little more cautious,” Kuptsikevich added.
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