Leading cryptocurrencies gained Sunday overnight as investors weighed in on Treasury yields and the Federal Reserve’s cues on interest rate policy.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 9:17 p.m. EDT) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +2.20% | $86,599.44 |
| Ethereum (CRYPTO: ETH) |
+1.30% | $2,727.14 |
| XRP (CRYPTO: XRP) | +2.30% | $1.52 |
| Solana (CRYPTO: SOL) | +0.90% | $121.22 |
| Dogecoin (CRYPTO: DOGE) | +4.00% | $0.09656 |
Crypto Market Spikes
Bitcoin briefly approached $87,000 in a late-evening surge, while Ethereum stalled at $2,730. Dogecoin rose 4% over the previous day.
Roughly $130 million was liquidated from the cryptocurrency market in the last 24 hours, with $105 million in bearish short positions wiped out, according to Coinglass data.
Bitcoin’s open interest surged 4.47% over the last 24 hours after the spot price increased. BTC’s Long/Short Ratio flipped over 1, suggesting higher long exposure.
“Greed” sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:30 p.m. EDT) |
| BItway (BTW) | +30.10% | $1.25 |
| Cardano (ADA) | +9.30% | $0.2662 |
| Venice Token (VVV) | +7.30% | $30.04 |
The global cryptocurrency market capitalization crossed $3 trillion after an increase of 0.70% over the last 24 hours.
Stock Futures in the Green
Stock futures edged higher on Sunday. The Dow Jones Industrial Average Futures gained 35 points, or 0.08%, as of 8:40 p.m. EDT. S&P 500 futures rose 0.14%, while Nasdaq 100 Futures added 0.35%.
Treasury yields remain in the spotlight as long-dated government bond rewards climb to their multi-year highs.
Investors will closely monitor the release of the Federal Reserve’s September meeting minutes on Wednesday. Odds of a rate increase at the upcoming October meeting stayed flat at 22%, according to the CME FedWatch tool.
Rip Before a Dip?
Ali Martinez, a widely followed cryptocurrency analyst, noted that Bitcoin’s recent Sunday gains have reversed into Monday declines, while Sunday declines have preceded rebounds.
“With BTC up more than 1% today, that pattern is back in focus,” the analyst added.
Cryptocurrency trader Quinten François, citing a Glassnode chart, highlighted that Bitcoin’s long-term holders made it through a full bear market “without being pushed into losses.”
The chart showed that Bitcoin long-term holders’ Market Value to Realized Value ratio remained above 1 through the latest downturn, unlike prior bear markets in 2018 and 2022, where it dipped below their cost basis.
Photo Courtesy: Marc Bruxelle on Shutterstock.com
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