Leading cryptocurrencies rallied alongside stocks on Monday amid escalating geopolitical tensions over Strait of Hormuz oil shipments.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 9:35 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +4.71% | $75,983.09 |
| Ethereum (CRYPTO: ETH) |
+9.03% | $2,373.46 |
| XRP (CRYPTO: XRP) | +9.16% | $1.57 |
| Solana (CRYPTO: SOL) | +4.49% | $95.80 |
| Dogecoin (CRYPTO: DOGE) | +6.18% | $0.1035 |
Crypto Extends Gains
Bitcoin almost topped $76,000 in a late evening spike, building on the momentum acquired during the weekend. Trading volume for the leading cryptocurrency nearly doubled over the last 24 hours.
Ethereum outperformed Bitcoin’s rally, soaring 9% to hit its highest value since Feb. 3. XRP and Dogecoin also recorded sharp spikes.
Shares of Strategy Inc. (NASDAQ:MSTR) and Coinbase Global Inc. (NASDAQ:COIN) closed up 5.62% and 3.98%, respectively.
Over $600 million was liquidated from the cryptocurrency market over the past 24 hours, with a whopping $484 million in short positions alone erased, according to Coinglass data.
Open interest in Bitcoin futures soared 10.18% in the last 24 hours, even as Binance retail and whale traders bet against the rally with shorts.
Market sentiment improved from “Extreme Fear” to “Fear,” according to the Crypto Fear & Greed Index here.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 9:35 p.m. ET) |
| Fartcoin (FARTCOIN) | +27.66% | $0.2123 |
| BUILDon (B) | +23.94% | $0.2238 |
| Zcash (ZEC) | +20.36% | $276.38 |
The global cryptocurrency market capitalization stood at $2.44 trillion, following an increase of 2.43% from the previous day.
Stocks Surge, WTI Crude Steady
Stocks kicked off the new trading week on a high. The Dow Jones Industrial Average jumped 387.94 points, or 0.83%, to close at 46,946.41. The S&P 500 rose 1.01% to end at 6,699.38, while the tech-focused Nasdaq Composite rallied 1.22% to settle at 22,374.18.
West Texas Intermediate crude prices hovered near $100 per barrel as Treasury Secretary Scott Bessent said in a CNBC interview that the U.S. is allowing Iranian oil tankers to pass through the Strait of Hormuz.
Earlier, Trump urged countries that benefit from the Strait of Hormuz to contribute military assets to keep it “open and safe” and warned that NATO allies could face “very bad” consequences if they fail to assist.
‘Major’ Rally Ahead For BTC?
Leading cryptocurrency analyst and trader Ali Martinez noted that Bitcoin’s funding rates have turned negative, a signal that preceded “major” relief rallies over the last three years.
“While the retail crowd is hedging for further downside, the smart money is watching for the inevitable short squeeze,” Martinez said, “If history maintains its 100% strike rate on this indicator, the current “dip” is the coiled spring for the next leg up.”
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.
On-chain analytics firm Santiment said Bitcoin’s latest spike has pushed FOMO to its highest level since the first week of January. The ratio of bullish to bearish social comments hit 1.67, indicating stronger positive chatter.
“Careful. Particularly when the crowd is getting comfortable and optimistic,” Santiment added.
Photo: Memory Stockphoto / Shutterstock
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