Bitcoin climbed over the weekend into the $ 19,200 territory. Looking at the price of ether as a percentage of the BTC spot, it can be undervalued.
- Bitcoin (BTC) was trading at around $ 19,196 at 21:00 UTC (4 pm ET). Earned 0.35% over the previous 24 hours.
- Bitcoin 24 Hour Range: $ 18,990- $ 19,323 (CoinDesk 20)
- BTC near its 10-hour moving average but above the 50 hours on the hourly chart, a flat-to-bullish signal for market technicians.

The price of bitcoin reversed course over the weekend from a downward slide, with an upward trend that began Saturday.
“This weekend, bitcoin showed a V-shaped reversal. After the appearance of such a figure, growth is usually continuing,” said Constantin Kogan, a partner at investment firm Wave Financial.

Over the last 24 hours, the price hit a high of $ 19,323, according to CoinDesk 20 data, before settling at about $ 19,196 at press time.
Read more: Bitcoin Still on Track to Break $ 20K in Upcoming Weeks: Analysts
“A pretty strong move over the weekend,” noted Chris Thomas, head of digital assets at Swissquote Bank. “I would not expect a continuation of 3% -4% per day. We will probably experience the highlights again in the coming days and meet many more sales orders [from] short to medium whales and institutional traders. ”
After a higher-than-expected amount of volume over the weekend, including over $ 865 million in spot exchange volume on Sunday for the eight exchanges tracked by the CoinDesk 20, Monday’s account looks lower, at $ 569 million of press time.

“We still see the market as ever challenging but there is not much conviction behind it. This can be seen in the lower volumes, ”said Joel Edgerton, chief operating officer of Bitflyer USA cryptocurrency exchange. “December usually has lower volumes due to holidays and vacations among Western institutional clients.”
Read more: Bitcoin MassMutual Buy May Presage $ 600B Institutional Flooding: JPMorgan
Fewer liquidations in the derivatives market are also helping bitcoin stay more consistent. BitMEX’s critical futures platform, for example, has seen liquidations, equivalent to the platform’s margin call, dry up at the center of its regulatory issues. The influence of the exchange in 2020 was previously evident given the huge volume of liquidations that occurred in March when all markets crashed on macroeconomic issues related to the coronavirus.

Since then, however, the impact of BitMEX has faded. Bitcoin volatility has also flattened of late, with the 30-day volatility as calculated by CoinDesk Research at 57%, close to the starting point in 2020 when it was at 53% January 1.

“There may be a few more attempts at the highs before the sellers disappear but, importantly, there is enough new volume on the buying side to keep us up around these levels and eventually to buy about $ 20,000 to all the sellers’ offers, ”added Thomas of Swissquote.
While bitcoin is up 166% so far this year, it’s ether going gangbusters in 2020, up over 346%.

Cryptocurrency veterans such as Henrik Kugelberg, an over-the-counter trader, expect occasional peaks and troughs while remaining a mega-bullish idle. “A correction of course,” he said, “on the way up on rocket fuel!”
Ether at 3% of bitcoin price
Ether (ETH), the second-largest cryptocurrency by market capitalization, was up Monday, trading around $ 586 and climbing 0.14% in 24 hours at 21:00 UTC (4:00 pm ET).
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Ether’s price as a percentage of bitcoin’s spot value is hovering around 3% according to data aggregator Skew. This is after the Ethereum network’s native asset started the year at less than 2% of the price per 1 BTC and soared to 4% on September 1 during the boom period for devolved funding, or DeFi, in 2020.

John Willock, chief operating officer of Tritum, a diversified crypto services provider, is extremely bullish on ether. It expects more institutional participation on the Ethereum network in 2021 and noted the increase in reference activity in 2020.
“In the next six months, I think the most interesting metrics to follow will be major accruals in addresses attributable to institutional buyers absorbing supply, and experiencing long-term price expectations from participants educated, ”Willock told CoinDesk. Things like [nonfungible tokens], DeFi and various other integrations this year that have used Ethereum as a layer but have been blocked by users. ”
Other markets
Digital assets on the CoinDesk 20 are mixed on Monday, mostly red. Notable winners at 21:00 UTC (4:00 pm ET):
- Oil was up 0.78%. Barrel price of raw Central Texas Intermediate: $ 46.93.
- Gold was in the red 0.59% and at $ 1,828 at press time.
- The 10-year US Treasury bond yield fell on Friday dipping to 0.898 and in the red 0.90%.
