Bitcoin has lost much of the last weekend’s gains, as the much cheaper alternative crypto coins start covering the distance with the cryptocurrency market leader.
At the time of writing this article with the price of around $30,900, Bitcoin is down over 11% on a 24-hour basis. Prices have declined by well over $3,000, having marked a record high of $34,347 early on Sunday.
“Bitcoin is experiencing a well-deserved reset. After a while of increasing leverage and consistently high funding rates on all platforms, a brief consolidation on this floor is required,” said Matthew Dibb, who is a COO at Stack Funds.
Bitcoin’s so-called “perpetual funding rate” (namely the cost of holding long positions) jumped to a 10-month high of 0.138% early today, signaling increased bullish attitudes and scope for a price decline like the one observed in late November last year. With the pullback, the said rate has dropped only slightly to 0.122%.
Ether, which is the second-largest cryptocurrency by overall market value, has risen to 36-month highs above $1,155 on early Monday and is now trading near $1,020, scoring a 12% gain on a 24-hour basis. Right now, Litecoin is traded at its highest since April 2018, and Bitcoin Cash is changing hands at a 10-month high.
