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The top cryptocurrency by market value traded near $40,700 at press time, having printed a high of $41,250 during the Asian trading hours.
The dollar index , which tracks the greenback’s value against majors, rose to 101 early today, refreshing two-year highs and taking the month-to-date gain to 2.5%.
“We’ve been warning that USD strength is one of the biggest headwinds for markets, including BTC and crypto.
“Looking back over the last 10 years, we can see how BTC’s price tends to trend in the opposite direction of DXY momentum.
Ether, the second-largest cryptocurrency by market value, traded flat at around $3,050, having tested dip demand under the psychological support of $3,000 yesterday.
“Ethereum is caught between two powerful colliding forces: ,” Ilan Solot, partner at the Tagus Capital Multi-Strategy Fund, said in an email.
While top cryptocurrencies traded sideways, Terra’s LUNA and privacy-focused monero as the third-largest stablecoin by circulation during the later hours of Monday.
“It’s all fun and games if you’re a $5 or $10 billion market cap stablecoin,” Tether Chief Technology Officer Paolo Ardoino said in an interview with CoinDesk at the Paris Blockchain Week Summit.
UST is now the third-biggest stablecoin on the market after Tether’s USDT and Circle’s USD coin , which are still significantly larger in terms of market cap.
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