Leading cryptocurrencies rose Monday amid President Donald Trump-owned company's $2 billion Bitcoin purchase announcement.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:30 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +0.59% | $117,892 |
|
Ethereum (CRYPTO: ETH) |
+2.00% | $3,797.00 |
| Dogecoin (CRYPTO: DOGE) | +2.42% | $0.2732 |
What Happened: Bitcoin fell from highs of $119,000 to an intraday low of $116,233. The apex cryptocurrency has slipped 1.39% over the last week as the fervent rally cools off.
In a notable development, Trump Media & Technology Group Corp. (NASDAQ:DJT) revealed that it has accumulated approximately $2 billion in Bitcoin and Bitcoin-related securities
Meanwhile, Ethereum surpassed $3,800 for the first time in over seven months, wiping off nearly all of its losses since the mid-December pullback.
Cryptocurrency liquidations hit nearly $500 million in the last 24 hours, with $268 million in upside bets wiped out.
That said, about $512 million worth of Bitcoin short positions risked liquidation if the apex cryptocurrency rebounded to $120,000.
Bitcoin's open interest rose 1.48% in the last 24 hours. Ethereum's open interest jumped 3.95% to an all-time high of $58 billion.
Over 50% of Binance traders with open BTC positions were betting on the coin's increase, according to the Long/Short Ratio.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:30 p.m. ET) |
|---|---|---|
| Pudgy Penguins (PENGU) | +22.39% | $0.03782 |
|
Kaspa (KAS) |
+19.55% | $0.1162 |
| Raydium (RAY) | +15.81% | $3.32 |
The global cryptocurrency market capitalization stood at $3.90 trillion, following a modest 0.69% increase in the last 24 hours.
Stocks continued to hit record levels. The S&P 500 rose 0.14% to close at 6,305.60, marking its first close above $6,300 in history. The tech-heavy Nasdaq Composite jumped 0.38% to a closing record of 20,974.17. The Dow Jones Industrial Average was the outlier, falling 19.12 points, or 0.04%, to end at 44,323.07.
Investors are looking forward to big-ticket earnings this week, including those from Tesla Inc. (NASDAQ:TSLA) and Alphabet Inc. (NASDAQ:GOOGL).
See More: Best Cryptocurrency Scanners
Analyst Notes: Blockchain analytics firm CryptoQuant noted that the Spent Output Profit Ratio Indicator for long-term holders has reached its 2025 highs, signaling increased profit-taking by diamond hands. When this indicator rises over 4, it suggests a macro top.
"At the moment, the indicator is slightly above 2.5, which reinforces the thesis that there is space for further appreciation before a possible exhaustion of the upward cycle," CryptoQuant added.
Widely followed cryptocurrency analyst and trader Michaël van de Poppe drew attention to Bitcoin's ongoing consolidation phase, with liquidity taken on both sides of the $116,800-$119,500 range.
"Break above $119,500 = new ATH. Break south of $116,800 = $111,000 buy the dip opportunity," the analyst projected.
Photo Courtesy: Yalcin Sonat On Shutterstock.com
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