Bitcoin, Ethereum, Dogecoin Drop Lower On Extended Holiday Weekend As Minor Coins Strike Gains
Major cryptocurrencies Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) traded in the red on Monday night as the extended Fourth of July weekend drew to a close.
What Happened: BTC traded 2.22% lower at $34,151.27 over 24 hours at press time and 2.56% lower over a seven-day trailing period.
ETH traded 3.09% lower at $2,242.07 over 24 hours, but — over a week — the cryptocurrency was up 5.26%.
The Shiba Inu-themed DOGE was down 4.3% at $0.23 and 9.24% for the week. DOGE traded 2.68% and 1.47% lower against BTC and ETH at press time, respectively.
See Also: How To Buy Dogecoin (DOGE)
Monday night’s top gainer was KuCoin Token (CRYPTO: KCS), which spiked 23.72% over 24 hours to $9.48 and is up 28.78% over the last seven days.
The utility token of the cryptocurrency exchange rose 27.12% against BTC and 28.7% against ETH over 24 hours at press time.
Other notable gainers over 24 hours included Synthetix (CRYPTO: CRYPTO: SNX) up 20.93% to $10.46, Aave (CRYPTO: AAVE), which rose 13.98% to $314.63, and Internet Computer (CRYPTO: ICP), which traded higher by 4.09% to $47.45.
Why It Matters: Bitcoin saw a bounce during the extended weekend and touched the $36,000 levels, but could not sustain the upward momentum.
Data from Glassnode, an on-chain intelligence provider, indicates that the balance held on centralized exchanges declined to 2.577 million BTC on Sunday, which is the lowest since mid-May, CoinDesk reported.
In the last two weeks, the balance held on centralized exchanges has fallen by more than 25,000 BTC, a reported indicator that scarcity is on the rise compared with the second half of June.
Meanwhile, BTC mining has become more profitable amid a great migration away from China where the local authorities are cracking down on cryptocurrency mining.
As per Glassnode, this profitability has come around as the daily aggregate mining revenue hovers around $25 million to $30 million levels, but it is now shared among a smaller pool of miners.
In April, mining revenue ranged between $50 to $60 million per day, while the apex cryptocurrency traded in a range of $50,000 to $60,000.