Leading cryptocurrencies dipped on Monday, mirroring declines in blue-chip equity indices.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Bitcoin BTC/USD | -1.42% | $63,158.63 |
| Ethereum ETH/USD | -2.24% | $2,691.57 |
| Dogecoin DOGE/USD | -2.95% | $0.1063 |
What Happened: Bitcoin trended downward throughout the day, briefly dipping below $63,000 overnight. The King Crypto meandered around the lower boundary of $63,000 as of this writing.
Ethereum slipped below $2,700 midday, to later chop around the high $2,600s.
The total cryptocurrency liquidations hit $107.46 million in the last 24 hours, with long liquidations accounting for 83% of the total.
The total long volume for Bitcoin surged 60% in the last 24 hours, while short volume declined by 69%.
The Cryptocurrency Fear & Greed Index went from "Greed" to "Neutral," reflecting a marked change in sentiment following the pullback.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:15 p.m. EDT) |
| Artificial SuperIntelligence Alliance (FET) | +8.65% | $1.36 |
| Bittensor (TAO) | +4.97% | $351.85 |
| Sei (SEI) | +4.89% | $0.3548 |
The global cryptocurrency market stood at $2.21 trillion, following a drop of 1.76% in the last 24 hours.
Stocks remained a mixed bag on Monday. The Dow Jones Industrial Average gained 65.44 points, or 0.16%, to close at a record high of 41,240.52. To the contrary, the S&P 500 slipped 0.32% to end at 5,616.84, while the tech-focused Nasdaq Composite dropped 0.85% to finish at 17,725.76.
The drag followed a 2.9% decline in shares of AI giant NVIDIA Corp. NVDA before its hotly anticipated second-quarter earnings slated for Wednesday.
The market has entered optimism after Fed Chair Jerome Powell delivered a clear message about lowering interest rates next month.
See More: Best Cryptocurrency Scanners
Analyst Notes: Prominent cryptocurrency analyst Ali Martinez pointed out key levels to watch out for Bitcoin.
He stated that King Crypto could rise to $64,200 provided the support at $63,500 holds. On the contrary, the leading cryptocurrency risked falling to $62,800 if the support broke.
On-chain analytics firm Santiment highlighted a disproportionately larger decline in Bitcoin's OI on exchanges when compared to that of Ethereum and Solana.
This indicated investors' shifting focus to altcoins owing to confidence in their upside potential. Additionally, it signaled risk diversification by large traders.
Photo by SvetlanaParnikova on Shutterstock
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
