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Leading cryptocurrencies rose on Monday as investors increased risk appetite, spurred by whale investors’ purchases.
<a href="https://xpertsstudio.com/crypto-market-pulse-shows-hyperliquid-xrp-and-solana-at-the-crossroads/" title="Crypto Market Pulse Shows Hyperliquid, XRP, and Solana at the Crossroads”>Crypto Market Rallies
Bitcoin rose to an intraday high of $79,247, supported by a 43% jump in trading volume. Ethereum, XRPand Dogecoin also traded in the green.
The spike followedStrategyInc.’s (NASDAQ:MSTR) purchase of $370 million worth of Bitcoin, which ended a two-month buying drought.
The apex cryptocurrency was on track to deliver its third-strongest August performance, posting gains of 24.82% as of this writing.
Over $150 million was liquidated from the cryptocurrency market in the last 24 hours, with $100 million in bearish shorts alone wiped out, accordingto Coinglass data.
Bitcoin’s open interest spiked 2.60% over the last 24 hours after the spot price rose. BinanceLong Traders, i.e, the top 20% of users with the highest margin balance, remained net long, though their long exposure declined sharply over the past few days.
The global cryptocurrency market capitalization stood at $2.65 trillion, increasing by 1.05% from the previous day.
Stocks in Red After Iran Tensions
Stocks opened the new trading week lower. The Dow Jones Industrial Averagefell 374.09 points, or 0.7%, to end at 53,185.9.The S&P 500 slid 0.33% to close at 7,686.14,while the Nasdaq Composite ended 0.12% lower at 26,370.89.
Renewed U.S-Iran strikes over the weekend exacerbated tensions, sending oil prices higher. The United States Oil Fund (NYSE:USO), which tracks West Texas Intermediate crude oil, closed 3.08% higher.
Will Bitcoin Pull Back?
Michael Terpin, CEO of Transform Ventures and author of the book “Bitcoin Supercycle,” told Benzinga that Bitcoin’s latest rally is a confirmation that a “very long march to the next bull market” has begun.
“Right now is the time to be bullish,” Terpin said. “It doesn’t mean you have to put all your spare cash in today, but you should start DCAing [Dollar-Cost Averaging] now.”
Terpin added that even if a pullback occurs, they do not expect Bitcoin to fall below $70,000.
Michaël van de Poppe, a well-known cryptocurrency analyst and trader, said Bitcoin looks “very strong” for an upward breakout, targeting $82,700 initially and potentially $90,000,
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Source: www.benzinga.com