Major cryptocurrencies soared on Monday, with Bitcoin topping $70,000 for the first time in nearly five months.
Cryptocurrency Gain +/- Price (Recorded at 8:30pm EDT)Bitcoin BTC/USD+2.66%$69,676.63Ethereum ETH/USD
+1.26%$2,535.14 Dogecoin DOGE/USD +14.54%$0.1641
What happened: The world’s largest cryptocurrency broke through the elusive level late in the evening, riding on strong momentum from the weekend. According to data from CoinMarketCap, BTC hit a high of $70,212.27 during intraday trading. It is pertinent to mention that apex coin is currently trading almost 5.3% below its all-time high of $73,750.07, set eight months ago on March 14, 2024.
Ethereum also rose to $2,585 after trading sideways earlier in the day.
The recent surge has pushed Bitcoin’s monthly rally to more than 10%, increasing expectations from previous months where it had averaged a 21% rise.
The rally wiped out more than $100 million in downside bets in the past 24 hours, bringing total liquidations to more than $172 million.
Bitcoin open interest soared 7.03% in the past 24 hours, indicating increased speculative interest.
According to the long/short ratio, the number of traders betting on the leading cryptocurrency exceeded the number of traders betting on it by a factor of 1.07.
According to the Cryptocurrency Fear and Greed Index, market sentiment remains in the “greed” zone.
Top Gainers (24 hours)
Cryptocurrency +/- Price Rise (Recorded at 8:30 PM EDT) Dogecoin (DOGE) +14.48%$0.1641 THORChain (RUNE) +12.30%$5.98 Bitcoin SV (BSV) +8.68%$50.18
The global cryptocurrency market capitalization rose by 1.98% in the past 24 hours to $2.35 trillion.
Like cryptocurrencies, stocks started the new week trading high. The Dow Jones Industrial Average rose 273.17 points, or 0.65%, to close at 42,387.57. The S&P 500 rose 0.27% to end at 5,823.52, and the tech-heavy Nasdaq Composite Index rose 0.26% to a record high of 18,567.19.
Investors were looking forward to a busy week of third-quarter results, with five of the Magnificent Seven companies set to report earnings later this week.
See more: Best Cryptocurrency Scanner
Analyst Note: Popular crypto analyst Recto Capital notes that Bitcoin has emerged from a multi-month bull market.
“The only condition for the breakout to be fully confirmed is for the price to remain above $69,000 for the rest of the week,” the analyst said.
On-chain analytics firm CryptoQuant attributed Bitcoin’s continued rise to increased activity on crypto exchange Binance.
The analysis showed that the Coinbase premium, a measure of the purchasing power of U.S. institutional investors, declined as Bitcoin prices rose.
“This phenomenon is clearly caused by Binance’s whale involvement,” Cryptoquant added.
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