Major cryptocurrencies soared on Monday. Bitcoin After a 5-month hiatus, it has surpassed $70,000.
| cryptocurrency | Gain +/- | Prices (recorded at 8:30 p.m. EDT) |
| Bitcoin BTC/USD | +2.66% | $69,676.63 |
| Ethereum ETH/USD |
+1.26% | $2,535.14 |
| dogecoin doge/usd | +14.54% | $0.1641 |
what happened: The world's largest cryptocurrency topped an 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 After being flat for the first half of the day, it rose to $2,585.
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 | Gain +/- | Prices (recorded at 8:30 p.m. EDT) |
| dogecoin (Doge) | +14.48% | $0.1641 |
| tall chain (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. of Dow Jones Industrial Average It rose 273.17 points (0.65%) to close at 42,387.57. extensive index S&P500 It added 0.27% to end at 5,823.52. Nasdaq Composite It rose 0.26% to close at 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 notes: Popular cryptocurrency analyst Recto Capital He pointed out that Bitcoin has come out of 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 company cryptoquant We believe that Bitcoin's continued rise is due to increased activity on cryptocurrency exchanges. 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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