Major coins were off to a bullish start on Sunday evening as the uptick in volatility during out-of-hours trading particularly stood out.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin BTC/USD | +1.65% | $27,157 |
| Ethereum ETH/USD | +1.41% | $1,819 |
| Dogecoin DOGE/USD | +1.33% | $0.072 |
What Happened: Bitcoin showed signs of recovery as it climbed back up above $27,000 after experiencing a sharp decline last week. Despite the upward trend, the largest cryptocurrency by market capitalization is still down by over 10% since May 5. The recent decline was due to profit-taking and low liquidity, coupled with industry-focused and macroeconomic uncertainties.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Conflux | +13.38% | $0.2799 |
| Sui | +9.17% | $1.17 |
| Toncoin | +8.06% | $2.01 |
At the time of writing, the global crypto market capitalization stood at $1.13 trillion, an increase of 1.42% over the last day.
At the time of publication, the U.S. stock market futures appeared to be in decline. S&P 500 futures and Nasdaq futures were both down by almost 0.1%.
See More: Best Crypto Day Trading Strategies
Analyst Notes: “Bitcoin is weakening as the dollar surges and Wall Street grows nervous over a handful of macro risks. Bitcoin is still subject to further downside pressure until we get some regulatory clarity in the US," said Edward Moya, Senior Market Analyst At OANDA.
He added, "Coinbase COIN is making strong efforts to make sure regulation doesn't become crippling and formed a Global Advisory Council. Coinbase has a lot of respected former lawmakers and regulatory heads on their side and that should lead to optimism that crypto will eventually play a bigger role in the financial system."
Crypto analyst Michaël van de Poppe noted that Bitcoin has been exhibiting strong price movements, with recent dips being followed by a gradual uptick to reach $27,200.
The co-founders of a leading on-chain analytics firm Glassnode in the crypto space have high expectations for Bitcoin’s future. Jan Happel and Yann Allemann anticipate an explosive move to the upside and believe that the key resistance area at $30,000 is within reach.
“Buy when there is Blood in the streets. $25,800 still remains a possibility, as indicated by the options market. Confident in our mid-term outlook of $35,000 as external pressures subside. Market pricing Fed pause in June, no rate cut – optimal for the run to $35,000 for summer. DXY (US dollar index) down, crossing below significant moving average – explosive moves ahead," they added.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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