Bitcoin consolidated, while other leading coins edged higher alongside stock futures on Sunday.
| Cryptocurrency | Gains +/- | Price (Recorded at 10:20 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -0.13% | $117,776.52 |
|
Ethereum (CRYPTO: ETH) |
+3.23% | $3,726.58 |
| Dogecoin (CRYPTO: DOGE) | +6.24% | $0.2706 |
What Happened: Bitcoin hit the upper reaches of $118,000, then plummeted to an intraday low of $116,550 overnight. Trading volume rose 28% to $60 billion in the last 24 hours.
A transfer of nearly $1 billion in BTC created a flutter in the cryptocurrency market, leading to increased volatility and speculation of more sell pressure.
Meanwhile, Ethereum continued the charge, breaking $3,800 for the first time since mid-December.
Bitcoin's dominance fell to 60.1%, while Ethereum's market share increased to 11.6%, its highest since January.
Cryptocurrency liquidations hit $370 million in the last 24 hours, with $206 million in downside bets wiped out. Bitcoin accounted for
Bitcoin's open interest rose slightly by 0.38% in the last 24 hours. "Greed" sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 10:20 p.m. ET) |
|---|---|---|
| Hedera (HBAR) | +23.26% | $0.2898 |
|
Ethena (ENA) |
+12.40% | $0.4927 |
| dogwifhat (WIF) | +11.24% | $1.21 |
The global cryptocurrency market capitalization stood at $3.90 trillion, following a modest 0.84% increase in the last 24 hours.
Stock futures were slightly higher overnight on Sunday. The Dow Jones Industrial Average Futures rose 47 points, or 0.10%, as of 9:37 p.m. EDT. Futures tied to the S&P 500 gained 0.11%, while Nasdaq 100 Futures added 0.18%.
Commerce Secretary Howard Lutnick reiterated Aug. 1 as the "hard deadline" for tariffs but added that the administration is willing to negotiate even after that date.
Investors will also look out for the big-ticket earnings this week, including those of Tesla Inc. (NASDAQ:TSLA) and Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG).
Stocks ascended to record levels on Thursday. The Dow Jones Industrial Average jumped 229.71 points, or 0.52%, to end at 44,254.78. The S&P 500 rose 0.54% to close at a new record of 6,297.36. The tech-heavy Nasdaq Composite gained 0.57%, also experiencing a record close of 20,885.65.
See More: Best Cryptocurrency Scanners
Analyst Notes: Cryptocurrency commentator Bitbull underlined Bitcoin's consolidation after hitting record highs.
"This is actually a good thing as alts are rallying during this. But I think BTC another leg up will start within 2-3 weeks," BitBull said. "This will pump BTC above $130,000 and will also mark the local top."
Widely followed cryptocurrency analyst and trader Michaël van de Poppe stated that the altcoin bull market is "confirmed," highlighting a bearish divergence in Bitcoin dominance.
"The Bitcoin dominance has a strong bearish divergence confirmed, as it broke south of 65%," the analyst remarked. "The second half of the year is the best period of the year for altcoins, which means that this is the time to maximize your returns."
Read Next:
Image Via Shutterstock
