Ether, Altcoins Remain Under Pressure Following Volatile Weekend

Bitcoin has also given up some of its early Monday bounce, returning down to the $64,000 level.

AccessTimeIconApr 15, 2024 at 5:23 p.m. UTC
Updated Apr 15, 2024 at 5:25 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Ether (ETH), the second largest cryptocurrency by market value, hovered just above the $3,100 mark in early afternoon U.S. hours on Monday, struggling to retain gains made since the crypto market's panicky selloff on Saturday.

While ahead 4% over the past 24 hours, ETH is lower by about 4% since rising to nearly $3,300 earlier Monday on word (as yet still unconfirmed) that multiple Hong Kong-based spot bitcoin and ether ETFs had been approved.

Downside pressure in bitcoin (BTC) has resumed as well, with that crypto now modestly lower over the past 24 hours to $64,200 after earlier Monday nearly reaching $67,000.

The broader CoinDesk 20 Index is ahead 0.68% over the past 24 hours.

Alongside, Solana's (SOL), gave up a large proportion of its overnight gains, dropping to around $140 from as high as $155 early Monday morning. That's also down from $175 reached on Friday.

Bitcoin, ether and the rest of crypto plunged on Saturday – with bitcoin dropping to the $61,000 area and ether below $3,000 – as Iran launched a bombing campaign on Israel, but the sector had regained some footing later in the weekend.

Singapore-based digital assets trading house QCP Capital said in a note to investors that historically, buying the dip on the outbreak of major geopolitical conflicts has been a profitable trade.

Ed Goh, head of trading at liquidity provider B2C2, said the firm has seen consistent buying in BTC, especially on the dip over the weekend. “57% of our flow has been to the buy side,” said Goh. He also added that altcoin activity remains high and they have seen a bias towards buying for alts.

Bitcoin’s halving event is fast approaching on April 19, which some traders are predicting could trigger a short-term “sell the news” reaction before and after the event.

Despite the setbacks, some altcoins continued with significant gains on Monday, with Ondo Finance (ONDO) up 15% over the past 24 hours while Render’s RNDR was aheadp 12% and The Graph (GRT) rose 9%.

Edited by Stephen Alpher.


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

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.