Leading cryptocurrencies traded higher alongside stock futures on Monday, as investors parsed the recent appeals court decision that termed President Donald Trump's tariffs unconstitutional.
| Cryptocurrency | Gains +/- | Price (Recorded at 10:35 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +1.78% | $109,543.04 |
|
Ethereum (CRYPTO: ETH) |
-1.00% | $4,338.86 |
| XRP (CRYPTO: XRP) | +1.28% | $2.77 |
| Solana (CRYPTO: SOL) | +0.89% | $200.01 |
| Dogecoin (CRYPTO: DOGE) | +0.32% | $0.2111 |
Bitcoin Fails To Cross $110,000
Bitcoin oscillated between $107,900 and $109,900 throughout the day, with trading volume increasing by 32% over the last 24 hours. The leading cryptocurrency was down 12% from its all-time high set nearly three weeks ago.
Bitcoin struggled in August, falling 6.49%, compared to its historical average gain of 1.14% for the month.
Ethereum slipped to an intraday low of $4,221, marking a sharp 12.43% pullback from its highs recorded last week. Solana traded up 0.89% in the previous 24 hours.
Over $420 million was liquidated from the cryptocurrency market in the last 24 hours, with nearly $310 million in bullish longs wiped out.
Bitcoin's open interest rose 1.39% in the last 24 hours, but fell 2.49% over the last month. Notably, the majority of BTC derivatives traders were positioned for price gains, according to the Long/Short ratio.
The market sentiment remained "Neutral" as of this writing, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 10:35 p.m. ET) |
|---|---|---|
| MemeCore (M) | +37.74% | $0.9075 |
|
Pump.fun (PUMP) |
+7.80% | $0.003596 |
| Sky (SKY) | +6.39% | $0.06768 |
The global cryptocurrency market capitalization stood at $3.78 trillion, up 0.47% in the last 24 hours.
Stock Futures Trade Slightly Up
Stock futures inched marginally higher overnight on Monday. The Dow Jones Industrial Average Futures rose 15 points, or 0.03%, as of 9:53 p.m. EDT. Futures tied to the S&P 500 increased 0.02%, while Nasdaq 100 Futures added 0.01%.
The New York Stock Exchange and Nasdaq were closed on Monday for Labor Day and will resume normal trading on Tuesday.
The market is coming off a strong month, with blue-chip indexes like the S&P 500 and the Dow advancing 3.56% and 4,49%, respectively.
Investors weighed the latest ruling by the U.S. Court of Appeals for the Federal Circuit. which struck down the Trump tariffs.
No Cycle Top For Bitcoin Yet, Says Analysts
Analysts from cryptocurrency exchange Bitfinex said in a note to Benzinga that the market is nearing the bottom of the downturn heading into September.
"We expect the pullback to reach a conclusion relatively soon as we enter September. The Altcoin market seeing sharp rotations is one of the signs. However, that might result in the majors seeing capital eventually flowing back in," the analysts said.
On-chain analytics firm CryptoQuant noted that despite the pullback, Bitcoin was far from a cycle top.
The Network Value to Transaction ratio, which compares market capitalization with on-chain transaction volume, remained low, signaling that Bitcoin may be undervalued relative to actual network activity.
Additionally, the Market Value to Realized Value is yet to reach levels that have historically coincided with cycle tops and all-time highs, CryptoQuant said.
Photo Courtesy: Yalcin Sonat On Shutterstock.com
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