Leading cryptocurrencies rallied sharply on Sunday as investors awaited new all-time highs for Bitcoin.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | +2.53% | $105,868.99 |
| Ethereum (CRYPTO: ETH) | -1.57% | $2,438.87 |
| Dogecoin (CRYPTO: DOGE) | +6.63% | $0.2293 |
What Happened: Bitcoin tapped $107,000, the highest in nearly four months, in a sharp evening rally that saw trading volumes increase by almost 50%. The apex cryptocurrency was already up 11% in the month
Ethereum, on the other hand, sold off, plunging to an intraday low of $2,344.67 before recovering to the mid-$2,400s by late evening.
Over $575 million was liquidated from the cryptocurrency market in the last 24 hours, with bullish leveraged bets accounting for $350 million.
That said, about $465 million in Bitcoin shorts risked liquidation if the apex cryptocurrency rallied to $108,000.
Bitcoin's Open Interest surged 5.31% in the last 24 hours to levels not seen since December 2024. Meanwhile, bearish bets against Bitcoin spiked, with over 60% of Binance traders with open BTC positions shorting the cryptocurrency.
The "Greed" barometer increased to 74, according to the Crypto Fear and Greed Index, indicating a potential surge in buying pressure in the days to come.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| Virtuals Protocol (VIRTUAL) | +19.00% | $2.00 |
| Pepe (PEPE) | +12.56% | $0.00001372 |
| dogwifhat (WIF) | +11.65% | $1.04 |
The global cryptocurrency market capitalization stood at $3.35 trillion, following an increase of 2.36% in the last 24 hours.
Stock futures dipped Sunday night. The Dow Jones Industrial Average Futures fell 287 points, or 0.67%, as of 8:37 p.m. EDT. Futures tied to the S&P 500 slid 0.82%, while Nasdaq 100 Futures lost 1.06%.
The sell-offs come after Moody's downgraded the U.S. long-term credit rating, raising fears about government debt and inflation. Treasury Secretary Scott Bessent dismissed these concerns, calling Moody's a "lagging indicator."
The S&P 500 extended its gains on Wednesday. The broad-based index rose 0.10% to close at 5,892.58, while the tech-focused Nasdaq Composite gained 0.72% to end at 19,146.81. The Dow Jones Industrial Average fell for the second straight day, losing 89.37 points, or 0.21%, to end at 42,051.06.
See More: Best Cryptocurrency Scanners
Analyst Notes: Cryptocurrency market commentator Michaël van de Poppe highlighted the potential for altcoins to outperform Bitcoin in the next days.
"M2 Supply goes up and Bitcoin is primed for a new ATH. Altcoins are outperforming Bitcoin on every move upwards. I think we're in for a great 6-8 week period," Van De Poppe stated. Notably, Bitcoin touched an all-time high of $109,114.88 on Jan. 20, 2025. It is currently trading 3.72% below those levels.
Cryptocurrency analyst and trader Ali Martinez commented on Ethereum's outlook, painting $3,000 and $4,000 as the next upside targets if the cryptocurrency holds above $2,200.
Photo Courtesy: Yalcin Sonat On Shutterstock.com
Read Next:
- 25.74 Trillion Shiba Inu Stuck, As SHIB Trapped In Uncertainty Amid Market Downturn
