May 19, 2024 9:44 p.m. | 3 minute read
Major cryptocurrencies fell on Sunday night as profit-seeking traders locked in profits from last week's bailout rally.
| cryptocurrency | Gain +/- | Prices (recorded at 8:30 p.m. EDT) |
| Bitcoin (Cryptocurrency: BTC) | -1.05% | $66,231.95 |
| Ethereum (Crypto: ETH) | -1.79% | $3,066.75 |
| dogecoin (Code:Doge) | -2.97% | $0.1488 |
what happened: Bitcoin, the largest digital asset on the planet, was hovering above the $66,000 level after surging above $67,000 earlier in the day. The correction also caused the rest of the market to give up last week's gains.
Bitcoin open interest has fallen 1.13% in the past 24 hours to $32.73 billion at the time of publication. The biggest decline was seen in BitGet, with CME, the world's largest Bitcoin futures exchange, down 0.65%.
Despite the correction, most traders remained bullish on Bitcoin's prospects as the number of long Bitcoin positions significantly exceeded short positions in the past 24 hours.
The Crypto Fear and Greed Index continues to show signs of greed, but the level of greed has subsided from last week's rise.
Top Gainer (24 hours)
| cryptocurrency | Gain +/- | Prices (recorded at 8:30 p.m. EDT) |
| bitcoin cash (BCH) | +1.66% | $482.80 |
| Arweave (AR) | +1.06% | $47.78 |
| wire mesh (Link) | +0.49% | $16.46 |
The global cryptocurrency market capitalization was $2.39 trillion, down 1.59% in the past 24 hours.
Stock futures edged higher on Sunday following a record rally. Dow Jones Industrial Average Friday.of Dow Jones Industrial Average Futures As of 8:30 p.m. EDT, it was up 0.1%, or 41 points.futures tied to S&P500 Although it increased by 0.14%, Nasdaq 100 futures Added 0.17%.
Next week, the following top AI-based companies will report their first quarter results: NVIDIA CorporationAnalysts expect technology stocks to be positive overall. Key macroeconomic data such as existing home sales and unemployment insurance claims data will also attract investors' attention.
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analyst notes: On-chain analytics firm Santiment attributed the brakes on the rally to the capitulation of small Bitcoin holders. The number of non-empty wallets has decreased to levels not seen in the past two months.
However, the company added, “Historically, small wallets releasing their coin holdings to large wallets is an encouraging bullish sign for BTC.”
Analyst Recto Capital We drew historical parity with the previous halving and predicted a correction phase before Bitcoin enters a parabolic rally.
virtual currency analyst michael van de poppe He predicted a bullish turn for altcoins, saying, “Altcoins will continue to rise from here and the correction is very likely complete.”
Note that the cryptocurrency influencer recently ditched Bitcoin altogether in favor of altcoins.
Photo credit: Shutterstock
Read next: The Senate passed a resolution overturning the SEC's controversial crypto rules, but will Biden veto it?
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