The weekend rally in cryptocurrencies ended on Sunday night when major cryptocurrencies turned red and global cryptocurrency market cap fell 4.25% to $ 1.75 trillion.
What happened: ether (CRYPTO: ETH), the second largest cryptocurrency by market cap, which surged above $ 3,100 on Saturday, fell below the psychologically important $ 3,000 mark.
At press time, ETH was trading 7.3% lower at $ 2,929.30 in the last 24 hours. Over seven days, ETH was trading 15.74% higher.
The top cryptocurrency, Bitcoin (CRYPTO: BTC) fell 2.93% to $ 43,102.16. BTC is up 8.5% for the week.
See also: How to Buy Ethereum (ETH)
Dogecoin (CRYPTO: DOGE) is down a sharp 15.55% in the last 24 hours and was trading at $ 0.23 at press time. Over a seven day period, DOGE traded 14.15% higher.
XinFin network (CRYPTO: XDC) was the top winner over 24 hours on Sunday night, rising 19.8% to $ 0.094. XDC rose 18.43% over seven days.
The token on the hybrid blockchain technology was traded 22.68% and 27.84% higher than BTC and ETH.
XinFin Network claims to have launched the first decentralized email solution on Friday
Other notable winners were over 24 hours at the time of going to press Holo (CRYPTO: HOT), Elrond (CRYPTO: EGLD) and Axie infinity (CRYPTO: AX).
HOT rose 4.54% to $ 0.0081, EGLD rose 3.97% to $ 122.07, and AXS rose 1.96% to $ 41.57 over the reporting period.
Why it matters: After Ethereum’s London hard fork, the cryptocurrency could become a deflationary asset as network data suggests the token burning process has begun.
The indicators for the derivatives market point to an upward trend in ETH, with data from the Switzerland-based options exchange Laevitas showing that the ETH volume rose by more than 50,000 ETH on Saturday to 153,000 ETH or 424 million US dollars, reported CoinDesk.
Call options were reportedly more active than puts, with the most popular derivatives being calls maturing in March 2022 with strike prices of $ 50,000 and $ 40,000, respectively.
Glassnode data indicated growing activity on the BTC blockchain, even as the price of that asset spiked over the weekend.
The total transfer volume of BTC (entity-adjusted) rose to 7.48 billion US dollars per day in the two weeks leading up to Saturday, according to CoinDesk.
Transactions over $ 1 million made up 46.5% of total transaction volume and rose, Glassnode found.
This week the focus should be on the passage of the bipartisan infrastructure bill by the US Senate.
See also: Elon Musk is on the side of the crypto industry in the infrastructure law debate
The bill, which is partially funded by a broader tax network on cryptocurrencies, can only be pushed forward by the legislature if all 100 senators approve its passage.
Currently Sen. Bill Hagerty (R-Tenn.) Contradicts its speedy pursuit and cites the impact on the federal budget deficit, Reuters reported.
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