Bitcoin (BTC) was gaining early Monday, despite the broader cryptocurrency market‘s decline. However, the most prominent cryptocurrency has been unable to break beyond $30,000 following a small rally earlier this month. As the sector remains volatile, analysts are divided on their crypto price prediction for the digital asset and the overall market.
Over the past 24 hours, Bitcoin traded at $29,350, up 0.2% from the previous day. The cryptocurrency continues to trade at its lowest levels in more than a month.
In the United States, Bitcoin remains a hot topic in the cryptocurrency sector as experts debate whether it will end up being the only asset to escape tighter regulation. Crypto price prediction is a primary focus of discussion among analysts, especially in light of the possibility that government regulations could adversely impact Bitcoin’s value.
Coinbase Global (COIN) CEO Brian Armstrong told the Financial Times in an interview published Monday that the Securities and Exchange Commission asked the crypto exchange to halt trading in all cryptocurrencies other than Bitcoin before Coinbase and SEC entered their current legal dispute.
As US regulators work to bring more stringent regulations to digital currencies outside of Bitcoin, investors across the globe are taking steps to diversify their portfolios with different tokens.
Matteo Greco, an analyst at Fineqia International, recently commented on the current state of Bitcoin dominance. According to Greco, the metric which expresses the ratio between the Bitcoin market and the total digital assets market cap has decreased from its year-to-date top of approximately 52% to 49.8%.
Aside from Bitcoin, Ether was also seen going down 0.4%, settling at $1,866. Meanwhile, smaller tokens or altcoins, such as Cardano and Polygon, dropped by 0.5% and 2.3%, respectively.