Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

Major cryptocurrencies held support levels after last week’s drop to post slight gains on Monday morning after a largely flat weekend.

Bitcoin (BTC) held on to its $41,000 support level after last week’s sell-off, which was spurred by the release of the minutes of the U.S. Federal Reserve’s December 2021 meeting. The minutes of the meeting suggested the Fed will end its record asset-purchase program and will likely hike interest rates at a faster pace.

Avalanche (AVAX) and polygon (MATIC) rose 4% in the past 24 hours to post the largest gains among major cryptocurrencies. Bitcoin (BTC) rose 0.4% and ethereum (ETH) rose 0.5% in the same period.

AVAX reached as high as $92 in early Asian hours on Monday before traders took profits to bring to it $88 at the time of writing. AVAX was trading near its major support level of $85, with a drop to $80 should that level not hold.

CoinDesk - Unknown

AVAX is headed for the $85 support level. (TradingView)

Other major cryptocurrencies also saw nominal losses. In the past 24 hours, Binance coin (BNB) declined 0.5%, Polkadot and Solana lost 0.6%, Cardano was down 0.8%, and XRP fell 1.2%, leading the losses among major cryptos.

Meanwhile, compound ether (cETH) emerged as the biggest gainer among all cryptocurrencies valued over $1 billion by market capitalization, data from CoinGecko showed, rising over 8.2% in the past 24 hours.

cETH represents a stake in Ethereum-based lending tool Compound Finance, allowing users to lend ETH and accrue interest on the protocol. However, Compound’s COMP governance token – which allows users to take part in platform decisions – lost 4.3% of its value in the past 24 hours.

On the losing side was the governance token of Yearn Finance (YFI), a smart contract-based aggregator for on-chain lending and interest-earning tools. YFI lost 10% in the past 24 hours to trade just above $31,760 during European hours on Monday.

CoinDesk - Unknown

YFI lost 10% of its value in the past 24 hours. (TradingView)

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

CoinDesk - Unknown

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.