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Leading cryptocurrencies and adjacent equities climbed on Monday as sustained demand continued to drive the ongoing rally.
Crypto Market Ascends
Bitcoincame close to breaking above $80,000 as strong buying continued to fuel its rally. Trading volume jumped 78% over the last 24 hours.
Ethereumrose to its highest level in almost seven months, trading between $2,425 and $2,530. Dogecoinwas the outlier, falling 0.57% in the last 24 hours.
Cryptocurrency-related stocks also lifted, withStrategy Inc.(NASDAQ:MSTR) and Bitmine Immersion Technologies Inc.(NYSE:BMNR) closing up 2.83% and 5.74%, respectively.
Over $420 million was liquidated from the cryptocurrency market in the last 24 hours, nearly evenly split between long and short positions, accordingto Coinglass data.
Bitcoin’s open interest fell 1.21% over the last 24 hours. Smart money sentiment, which refers to the collective outlook and capital allocation of institutional investors, turned “extremely bullish.”
The global cryptocurrency market capitalization stood at $2.68 trillion, following an increase of 2.36% over the last 24 hours.
S&P 500 Closes in the Red
Major indexes started the new trading week lower. The S&P 500 slid 0.28% to close at 7,652.86, while the tech-focused Nasdaq Composite declined 0.76% to end at 25,980.19.
The Dow Jones Industrial Averagewas the silver lining, rallying 140.15 points, or 0.26%, to settle at 53,417.16.
Nvidia Corp. (NASDAQ:NVDA) second-quarter earnings report could be the key market catalyst this week.
Investors will later turn their attention to Fed Chair Kevin Warsh’sFriday speech at Jackson Hole, watching for signals about the central bank’s long-term monetary policy plans.
Another Bitcoin Bull Signal?
Ali Martinez, a widely followed cryptocurrency analyst and trader, noted Bitcoin reclaiming its 1,130-day simple moving average as support after 80 days.
“Over the past four market cycles, Bitcoin began a new bull market shortly after reclaiming this moving average,” Martinez stated. “If history repeats, the market bottom may already be in.”
Michaël van de Poppe, another popular cryptocurrency researcher, said Bitcoin’s liquidity sweep of recent lows around $76,400, or, in a worst-case scenario, $74,000, could pressure altcoins lower.
Van de Poppe warned that even in a mild correction, altcoins can drop 10%-20% rapidly due to their higher volatility relative to Bitcoin.
Photo Courtesy: Sodel Vladyslav on .com
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