Bitcoin, Ethereum, Dogecoin Trade Lower As Investors Remain Gripped By 'Extreme Greed': Analyst Says King Crypto's Dominance Intact As It Hovers Near All-Time Highs

Major coins like Bitcoin and Ethereum traded lower on Sunday evening as the global cryptocurrency market cap slipped 1.3% to $2.58 trillion.

What Happened: The decline in cryptocurrency prices was mirrored in other risk assets as stock futures fell slightly just ahead of a fresh trading week.

Santiment, a market intelligence platform, noted that returns from Bitcoin and Ethereum outpaced those from S&P 500 this week. 

Cryptocurrency	Gains +/-	Price (Recorded at 11:09 p.m. EDT)
Bitcoin BTC/USD	-0.82%	$68,414.99
Ethereum ETH/USD	-2.19%	$3,843.72
Dogecoin DOGE/USD	-5.59%	$0.165

Market sentiment was marked by "Extreme Greed," according to the "Crypto Fear & Greed Index." It is important to note that Bitcoin hit an all-time high of $69,170.63 last Tuesday.

The index has remained unchanged at 82 compared with the last week. A value of 100 on the index represents "Extreme Greed" while 0 indicates "Extreme Fear."

"Historically, [Cryptocurrency] markets see sustained [bull markets] with little to no correlation with [equities], so traders are hopeful this trend continues," said Santiment on X, formerly Twitter.

📊 #Bitcoin (+10.0%) and #Ethereum (+14.7%) notably outpaced #SP500 (+0.5%) returns this week. Historically, #cryptocurrency markets see sustained #bullmarkets with little to no correlation with #equities, so traders are hopeful this trend continues. https://t.co/dgRoilWYuJ pic.twitter.com/yUVYP5KFQI

— Santiment (@santimentfeed) March 9, 2024

Investors will be on the lookout for Core CPI figures, due on Tuesday — these numbers could be a harbinger of what direction the interest rates take.

Top Gainer (24-Hours)

Cryptocurrency	Gains +/-	Price (Recorded at 11:09 p.m. EDT)
Gala (GALA)	+30.7%	$0.075
Pyth Network (PYTH)	+21.9%	$0.83
Floki (FLOKI)	+15.9%	$0.000274

See Also: Is ‘Dogecoin Killer’ Shiba Inu Headed For Another 40% Surge? Crypto Analyst Predicts ‘Bullish Breakout’ For SHIB Under These Conditions

Analyst Takes: Cryptocurrency analyst Michaël van de Poppe noted that Bitcoin dominance is "still on track" even as Bitcoin halving draws closer.

The #Bitcoin dominance is still on track, but we're closer to the halving than in previous cycles, as Bitcoin kept on running through the ETF.

Altcoins are still on cycle lows. pic.twitter.com/qCzfPQbLVL

— Michaël van de Poppe (@CryptoMichNL) March 9, 2024

Bitcoin dominance was noted above 51% at the time of writing, according to data from Coinmarketcap.

Bitcoin Dominance Chart — Courtesy CoinMarketCap

He said in a separate post on X that Altcoins are "lagging behind" and their market cap still needs to gain 70% to get toward the highs seen in the previous cycle.

The #Altcoin market capitalization still needs to gain 70% to get towards the high of the previous cycle.

The Altcoins are lagging behind, so the obvious play would be that we're seeing a short-term correction and, from there, altcoins to surge. pic.twitter.com/DsE9INeBD0

— Michaël van de Poppe (@CryptoMichNL) March 9, 2024

Meanwhile, Coinglass, a cryptocurrency futures trading and information platform, noted that CME BTC Futures Open Interest has exceeded the $10 billion mark for the first time and hit a new "all-time high." It should be noted that a rise in open interest is an indicator of fresh money coming into the market for a particular option.

🚀🚀🚀

CME #Bitcoin Open interest exceeded $10 billion for the first time and hit a new all-time high.

👉https://t.co/b1RbJ1A35P pic.twitter.com/u6TSHejk5q

— CoinGlass (@coinglass_com) March 11, 2024

Photo by Igor Faun on Shutterstock

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