Bitcoin consolidated, while stocks ended higher on Monday, as investors rotated cautiously back into risk assets.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 8:15 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -0.37% | $70,109.33 |
| Ethereum (CRYPTO: ETH) |
+1.46% | $2,110.66 |
| XRP (CRYPTO: XRP) | +1.09% | $1.44 |
| Solana (CRYPTO: SOL) | +0.07% | $86.93 |
| Dogecoin (CRYPTO: DOGE) | -0.19% | $0.09609 |
Crypto Market Remains Quiet
Bitcoin moved sideways, even as trading volume for the leading cryptocurrency spiked nearly 25% in the last 24 hours.
Ethereum outperformed Bitcoin on institutional buying, with Bitmine Immersion Technologies Inc. (NYSE:BMNR) purchasing more ETH for its treasury.
Shares of cryptocurrency-related companies, including Strategy Inc. (NASDAQ:MSTR) and BitMine, closed up 2.60% and 4.79%, respectively.
Over $290 million was liquidated from the market in the last 24 hours, according to Coinglass, with long liquidations exceeding short liquidations.
Bitcoin’s open interest fell 0.20% to $45.96 billion, aligning with the drop in its spot price. Ethereum’s open interest spiked 3.81% over the last 24 hours.
The “Extreme Fear” sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 8:15 p.m. ET) |
| Axie Infinity (AXS) | +25.65% | $1.59 |
| Kite (KITE) | +16.44% | $0.1931 |
| Stable (STABLE ) | +15.05% | $0.02200 |
The global cryptocurrency market capitalization stood at $2.39 trillion, following a drop of 0.59% over the past 24 hours.
Stocks Close In The Green
The stock market began the fresh trading week on a high. The Dow Jones Industrial Average gained 20.20-points, or 0.04%, to close at a new high of 50,135.87. The S&P 500 climbed 0.47% to end at 6,964.82, while the tech-focused Nasdaq Composite added 0.9% to settle at 23,238.67.
Precious metals retraced, with spot gold trading down 0.81% to $5,017 an ounce, while spot silver corrected 2.40% to $81 per ounce.
‘Sharp Corrective Moves‘ Expected For ETH?
Blockchain analytics firm CryptoQuant noted a sharp increase in positive funding rates for Ethereum on cryptocurrency exchange BitMEX, while rates on Binance moved from negative to neutral.
Funding rates in derivatives, specifically in perpetual futures, are periodic, peer-to-peer payments made by long and short traders to keep the contract price aligned with the underlying spot price.
“Historically, strongly positive funding driven by leverage expansion has not favored sustained upside, but instead increased the probability of sharp corrective moves,” CryptoQuant stated.
Michaël van de Poppe, a widely followed cryptocurrency market commentator, was confident of more upsides for Bitcoin.
“I do expect to see more momentum coming in, and a clear breakout above $71,500 in the coming days,” Van De Poppe predicted.
They likened the pattern to the absorption seen during the 2020 COVID crash before its sharp rebound.
Photo Courtesy: Marc Bruxelle on Shutterstock.com
Recent Comments