Summary:
Bitcoin and other major cryptocurrencies saw a rise alongside tech stocks.
Bitcoin oscillated between $92,000 and $89,000, losing momentum since surpassing $93,000.
114,745 traders were liquidated, totaling $329.61 million.
Extreme Greed sentiment reached 90 on the Cryptocurrency Fear and Greed Index.
Ali Martinez predicts Bitcoin could hit $138,000 before a major pullback.
Leading cryptocurrencies experienced a notable rise on Monday, coinciding with a surge in tech stocks. Here's a closer look at the market movements:
Cryptocurrency Performance
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) | |----------------|-----------|----------------------------------| | Bitcoin (BTC) | +0.60% | $91,007.28 | | Ethereum (ETH) | +1.49% | $3,158.99 | | Dogecoin (DOGE) | +2.23% | $0.3725 |
Bitcoin exhibited choppy movement, oscillating between $92,000 and $89,000, having lost momentum since surpassing $93,000 last week. Ethereum peaked at $3,225 before retreating to $3,150.
In the last 24 hours, 114,745 traders were liquidated, totaling $329.61 million in liquidations, with over $200 million in upside bets wiped out. The Open Interest (OI) in Bitcoin futures rose 2%, indicating sustained speculative interest.
Market Sentiment
The number of traders holding long positions in Bitcoin increased, reflecting expectations for a rally. The Cryptocurrency Fear and Greed Index showed an "Extreme Greed" sentiment level of 90.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) | |----------------|-----------|----------------------------------| | Hedera (HBR) | +40.64% | $0.1395 | | Tezos (XTZ) | +40.27% | $1.13 | | Akash Network (AKT) | +38.64% | $4.55 |
The global cryptocurrency market capitalization reached $3.08 trillion, marking a 1.84% increase in the last 24 hours. The Nasdaq Composite rose 0.60%, driven by a 5.62% jump in Tesla Inc. shares on reports of potential easing of self-driving vehicle mandates.
Analyst Insights
Ali Martinez, a well-known cryptocurrency analyst, has projected that Bitcoin could reach $138,000 before its first major pullback. He noted historical trends where Bitcoin surged significantly before corrections:
- In 2017, Bitcoin rose 156% before a 39% correction.
- In 2020, it increased 121% before a 32% correction.
Should history repeat itself, this trajectory suggests a potential rise to $138,000 before a correction.
Popular on-chain analytics firm CryptoQuant indicated that Bitcoin has "room" for further growth, based on the Short Term Holders SOPR indicator, suggesting that current conditions are not indicative of excessive euphoria, allowing for continued price rises.
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