Bitcoin traded sideways on Monday, but most leading cryptocurrencies extended gains as investors awaited the market’s rebound following a major shakeout.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:30 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -0.87% | $114,695.05 |
|
Ethereum (CRYPTO: ETH) |
+1.55% | $4,228.94 |
| XRP (CRYPTO: XRP) | +2.76% | $2.60 |
| Solana (CRYPTO: SOL) | +6.07% | $209.90 |
| Dogecoin (CRYPTO: DOGE) | +2.97% | $0.2134 |
BTC Consolidates, ETH Inches Higher
Bitcoin's comeback rally lost steam as the apex cryptocurrency wobbled between the high $114,000s and high $115,000s for most of the day. It was still 6.3% off its pre-"Black Friday" levels.
Ethereum, on the other hand, extended its gains, nearly reclaiming $4,300 after falling below $3,500 over the weekend. XRP and Dogecoin also went further up.
Bitcoin's market dominance hit 58.3%, while Ethereum's share of the cryptocurrency market fell to 13%.
Cryptocurrency liquidations hit $390 million in the last 24 hours, with nearly all amounts of longs and shorts erased from the market, according to Coinglass.
Bitcoin’s open interest fell 1.12% over the last 24 hours, following the sharp bounce on Sunday. That said, the majority of Binance traders with open BTC positions were long as of this writing.
"Fear" sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 9:30 p.m. ET) |
|---|---|---|
| Synthetix (SNX) | +133.85% | $0.1718 |
|
4 (4) |
+127.37% | $0.04976 |
| Dash (DASH ) | +31.21% | $0.1720 |
The global cryptocurrency market capitalization stood at $3.94 trillion, following an increase of 1.18% in the last 24 hours.
Stocks Rebound
Stocks staged a sharp comeback on Monday. The Dow Jones Industrial Average rallied 587.98 points, or 1.29%, to end at 46,067.58. The S&P 500 jumped 1.56% to finish at 6,654.72, while the tech-heavy Nasdaq Composite gained 2.21% to settle at 22,694.61.
The rally comes as investors saw signs of de-escalation between the U.S. and China after Trump said "it will all be fine" via his Truth Social.
"The U.S.A. wants to help China, not hurt it," Trump said, calming global trepidation about the U.S.-China trade war. On Friday, Trump threatened "100%" tariffs on China over its "aggressive" stance on export controls.
Upsides After Leverage Flush?
On-chain analytics firm Santiment noted that emotional trading tied to political news is dominating cryptocurrency's short-term market behavior, possibly more than at any other moment in the asset class's history.
"Since crypto is sentiment-driven, traders collectively decide what news should impact their confidence in markets. And there is enough evidence to show that Trump’s tariffs have instant impacts on reversals whenever a new development unfolds," Santiment added.
Blockchain analytics firm CryptoQuant highlighted that the recent crash "reset leveraged positioning across the board," which historically, have preceded significant upsides in the long term.
The Bitcoin Estimated Leverage Ratio, which measures the average leverage used by traders relative to exchange reserves, declined after multi-year highs, the firm noted.
Read Next:
Photo courtesy: Shutterstock
