Monday’s trade saw a little decline in the cryptocurrency markets after Bitcoin crossed the 48,000 barrier over the weekend. In the past day, the value of the worldwide cryptocurrency market dropped by 0.8% to approximately $1.8 trillion.

Ethereum was down 1.15% at $2,498 while Bitcoin was down 0.14% at $48,128.

Other cryptocurrencies including Polygon, Avalanche, Cardano, and Solana saw 3-4% declines in the interim. Up to 3% declines were also seen in XRP, Dogecoin, Chainlink, Polkadot, Internet Computer, and Shiba Inu.

Given the spot ETF momentum, Bitcoin has been showing signs of rising price action since last week. According to a recent Glassnode post, it appears that we may be in the early phases of a bull market based on on-chain indices that determine the value of bitcoin.

The market for cryptocurrency is still rising, propelled by growing interest in and use of Bitcoin Spot ETFs. Bitcoin increased by more than 6% in a single day over the weekend, breaking through barrier at $49,000 and closing above $48,000 today. The price might move toward $50,000 and possibly even the all-time high area above $60,000 with any breakout above $49,000. When Bitcoin’s hegemony fades, Ethereum and other cryptocurrencies may experience a sharp increase in market value.

Currently, DeFi’s total volume is $4.5 billion, or 9.96% of the 24-hour volume of the entire cryptocurrency market. According to data accessible on CoinMarketCap, the overall amount of stablecoins is currently $40.32 billion, or 89.34% of the entire 24-hour volume of the cryptocurrency market.

The largest cryptocurrency in the world, Bitcoin, saw a spike in market capitalization to $943 billion in the past day. 52.5% of the market is presently made up of Bitcoin, according to CoinMarketCap. The volume of BTC rose 2.07% to $19 billion in the last day.

The price of bitcoin is currently at $42,585; it will probably rise above $49,000, with $47,680 acting as a critical support level. Technical indicators, with an RSI near 77, point to a bullish future.