Ether and Mantle Lead Major Cryptocurrencies as Bitcoin Traders Anticipate Correction to $48K

Bitcoin prices remained relatively stable over the weekend, showing low volatility typical of such periods. Conversely, ether and several other tokens within the ecosystem recorded gains, fueled partly by the emerging narrative around the new ether ETF.

During the Asian morning hours on Monday, Bitcoin lingered around the $51,500 mark, while ether managed to reclaim the $3,100 level. Other tokens like XRP, ADA, and AVAX experienced minor declines, while BNB saw a modest increase of 1.2%.

Mantle’s tokens, associated with Ethereum’s layer-2 platform, surged by 30%, hitting an all-time high at 93 cents. This uptick lacked an immediate catalyst but coincided with mantleETH, an ether staking version, surpassing the $1.5 billion value-locked threshold last week.

In light of recent developments, a trader suggested the possibility of Bitcoin undergoing a short-term correction, potentially dropping to as low as $47,000. Alex Kuptsikevich, a senior market analyst at FxPro, highlighted the importance of Bitcoin’s price hovering near the bottom of its consolidation range over the past eight days. He cautioned that without a rebound from this level, a deeper correction might ensue, possibly leading to the aforementioned price range.

Kuptsikevich also noted that despite record highs in various global equity indices, the crypto market has been characterized by selling pressure since Friday morning. This trend could indicate a degree of caution among investors, suggesting a sensitive phase for the crypto market.