Major cryptocurrencies maintained support levels after last week’s decline to post slight gains on Monday morning after a largely flat weekend.
Bitcoin (BTC) held the $41,000 support level after last week’s massive sell-off, which was led by the release of the minutes of the US Federal Reserve’s December 2021 meeting. The minutes suggested that the Fed would end its record asset purchase program and would likely raise interest rates at a pace. Faster.
Avalanche (AVAX) and Polygon (MATIC) are up 4% in the past 24 hours, posting the biggest gains among the major cryptocurrencies. Bitcoin prices are up 0.4% and Ethereum (ETH) is up 0.5% in the same period.
AVAX reached $92 early in the Asian hours on Monday before traders booked profits to hit $88 at the time of writing. AVAX traded near the major support level at $85, with a dip to $80 if this level does not stabilize.
Other major cryptocurrencies have also experienced token losses. In the past 24 hours, Binance Coin (BNB) is down 0.5%, Polkadot and Solana are down 0.6%, Cardano is down 0.8%, and XRP is down 1.2%, leading to losses among the major cryptocurrencies.
Meanwhile, Compound Ether (CETH) has emerged as the biggest gainer among all cryptocurrencies worth over $1 billion by market capitalization, data from CoinGecko shows, rising more than 8.2% in the past 24 hours.
CETH represents a stake in the Ethereum Compound Finance-based lending tool, allowing users to lend ETH and accrue interest on the protocol. However, the Compound Governance Token (COMP) – which allows users to participate in platform decisions – has lost 4.3% of its value in the past 24 hours.
On the losing side was the governance token for Yearn Finance (YFI), a smart contract-based aggregator for on-chain lending and interest-earning vehicles. YFI has lost 10% in the past 24 hours to trade just over $31,760 during European trading hours on Monday.