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."
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