The Crypto Report: Bitcoin and Ethereum hold the line over the weekend

The crypto markets held the line over the weekend following a bullish end to last week supported by strong equity markets in the US.

Bitcoin managed to hit a three-week high of US$22,000 this Monday morning, although some downward price pressure is being observed at the time of writing.

Worth mention is Bitcoin’s market dominance, which rebounded above 38% after hitting a four-year low on Friday.

Ethereum similarly held onto Friday gains, hitting its own three-week high of US$1,790 on Saturday, although this morning’s reversal has been more pronounced, with a 2% drop bringing Ethereum’s price closer to a flat US$1,700.

The top-dollar network tokens including Cardano, Polkadot and Polygon followed a similar trend, although Solana outperformed by adding 1.4% to its now-US$12.2bn market capitalisation.

Shiba Inu, the US$7bn meme coin, was one of Monday’s top movers, having added 2.2%; more bullish still was Bored Ape Yacht Club’s APE token, having added 6% to bring its market cap up to US$1.7bn.

But the morning’s strongest performer was easily CEL, the native cryptocurrency of insolvent lending protocol Celsius Network.

Activist investors have managed to drive the token up nearly 15% to a US$371mln market cap through the ongoing #CelShortSqueeze campaign.

In the decentralised finance (DeFi) space, Binance-based decentralised exchange PancakeSwap was the strongest performer, having added around 5% this morning.

In comparison, Ethereum-based alternative Uniswap traded sideways.

Total value locked across all DeFi protocols currently stands at US$59.8bn.

#ProactiveInvestors #Cryptocurrency #Bitcoin #Ethereum #Merge

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