After a relatively flat weekend, Bitcoin (BTC) price inched above $43,000 in the European afternoon hours on Monday, showing a recent pattern of low volatility before US trading hours.
Chainlink’s LINK rose 7% in the past 24 hours, making it one of the only stocks among the majors to gain, extending the rally seen by the token. Reaching 22-month high. Bullish sentiment towards LINK has grown in recent months on the back of growing interest in the tokenization of real-world assets (RWA).
In January, K33 Research analysts said: link said This is the safest way to benefit from the ever-strengthening RWA story.
Ronin Network’s RON fell by 9% as cryptocurrency exchange Binance announced it would list the token. This was the latest in a relatively new trend of token prices plummeting as the world’s largest exchanges by trading volume announce listings.
As such, some traders opined that the recent decline was due to buying and that the decline in Bitcoin, which has been bought up by traders over the past few weeks, is showing bullish signs.
“In the past, the ‘what doesn’t go up, comes down’ formula was often applied to cryptocurrencies,” Alex Kupczykevich, senior market analyst at FxPro, told CoinDesk via email. “However, when I recently tried to sell after a period of stability, I saw an increase in buying.”
“At the start of trading on Monday, there was an attempt to sell lower prices due to the weakness in the Chinese market. However, BTCUSD was bought back twice during the push to $42,000,” Kupczykevich said. “Buy on the edge” remains the prevailing sentiment among traders, he added.
The trader added that previous catalysts in the crypto market, such as Bitcoin ETFs, are already working and investors should wait for the next signal that could turn volatility to their advantage.
Elsewhere, analysts at cryptocurrency exchange Coinbase said in a paper. friday memo He said selling pressure on Bitcoin has eased and macroeconomic factors favor a rise in Bitcoin prices.
“The technical factors that supported Bitcoin’s decline are starting to wane. Additionally, we are seeing steady interest in the spot Bitcoin ETFs that have been launched,” Coinbase analysts wrote.