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Bitcoin, Ethereum, XRP, Dogecoin Spike, But Analyst Says Crypto Downtrend Intact: BTC Could Test These Levels Before It Resumes The Upward Journey
Strategy -6.47%
Grayscale Bitcoin Mini Trust ETF -4.70%
Strategy MSTR | 140.56 | -6.47% |
Grayscale Bitcoin Mini Trust ETF BTC | 31.44 | -4.70% |
Leading cryptocurrencies rallied alongside stocks on Monday, as traders amped up bets on a Federal Reserve interest rate cut in December.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:25 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +1.54% | $87,998.49 |
| Ethereum (CRYPTO: ETH) |
+5.60% | $2,941.69 |
| XRP (CRYPTO: XRP) | +10.28% | $2.25 |
| Solana (CRYPTO: SOL) | +5.94% | $138.51 |
| Dogecoin (CRYPTO: DOGE) | +4.98% | $0.1519 |
Cryptos Recuperate
Bitcoin built up momentum, breaking past $89,000, before reverting to the early $88,000s overnight. Trading volume spiked 19% over the last 24 hours.
Ethereum also rallied sharply, but met stiff resistance around the $3,000 mark. The coin's trading volume shot up nearly 50% over the last 24 hours.
Meanwhile, shares of Bitcoin holding company Strategy Inc. (NASDAQ:MSTR) lifted over 5% in the regular trading session.
Benzinga Edge delivers real-time stock alerts, trade ideas, and professional investing tools to help you navigate the market. Find out more about MSTR here.
Cryptocurrency liquidations hit $365 million in the last 24 hours, according to Coinglass, with short position traders losing roughly $255 million.
Bitcoin's open interest rose modestly by 0.55% in the last 24 hours. Notably, nearly 70% of Binance traders with open BTC positions were positioned long, according to the Long/Short Ratio.
The “Extreme Fear” attitude remained dominant in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 8:25 p.m. ET) |
|---|---|---|
| Rain (RAIN ) | +118.71% | $0.007934 |
| Fartcoin (FARTCOIN) |
+26.22% | $0.2806 |
| Helium (HNT ) | +22.21% | $2.26 |
The global cryptocurrency market capitalization stood at $3.03 trillion, following an increase of 2.56% in the last 24 hours.
Stocks Pop On Fed Officials’ Dovish Comments
Stocks began the holiday-shortened week on a high. The Dow Jones Industrial Average rallied 202.86 points, or 0.44%, to end at 46,448.27. The S&P 500 lifted 1.55% to close at 6,705.12, while the tech-focused Nasdaq Composite surged 2.69% to finish at 22,872.01.
The rally comes as traders accelerated bets on a Federal Reserve interest rate cut next month following dovish remarks from key central bank officials.
Governor Christopher Waller was the latest to signal support for a December cut, following dovish comments from New York Fed President John Williams last week.
Traders priced in a 80% chance that the central bank will slash rates by 25 basis points, up from 71% a day earlier, according to the CME FedWatch tool.
BTC’s Cleansing Phase Setting Stage For Bullish Rebound?
Blockchain analytics firm CryptoQuant noted the "strongest" 30 day-drop in Bitcoin's open interest in the current cycle, with the last such move seen during the 2022 bear market.
"Historically, these cleansing phases have often been essential to forming a solid bottom and setting the stage for a renewed bullish trend," CryptoQuant added.
Widely followed cryptocurrency analyst and trader Michaël van de cautioned that Bitcoin is still in a downtrend despite some recovery, with $91,000 as the first major resistance.
"I would assume we’re going to see some consolidation there, and probably test $85,000-86,000 before we’ll continue to go up," the analyst projected.
Photo Courtesy: KateStock on Shutterstock.com
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