Leading cryptocurrencies remained range-bound over the weekend, with bears continuing to provide tough resistance to the market's drive for sustained gains.
Cryptocurrency | Gains +/- | Price (Recorded 8:30 p.m. EDT) |
Bitcoin (CRYPTO: BTC) | +1.24% | $61,759 |
Ethereum (CRYPTO: ETH) | +0.72% | $2,941.17 |
Dogecoin (CRYPTO: DOGE) | -1.06% | $0.1424 |
What Happened: Bitcoin, the largest cryptocurrency by market cap, meandered in the $61,000 zone, after witnessing a sharp correction from $63,000 last Friday. The apex crypto finished last week with losses of more than 4%.
The sideways movement was reflected in the speculative interest for the coin, as Open Interest (OI) in Bitcoin futures saw a tepid 0.32% increase in the 24-hour period.
About $56 million in positions was wiped out in the last 24 hours, with nearly equal amounts of longs and shorts liquidated.
Ethereum and king of memecoins, Dogecoin, had a more difficult time, shedding 6% and 12% over the week.
The Cryptocurrency Fear & Greed Index flashed "Greed" ahead of a new trading week, suggesting that investor sentiment remained unchanged from the last week.
Top Gainers (24 Hour)
Cryptocurrency | Gains +/- | Price (Recorded 8:30 p.m. EDT) |
Core (CORE) | +10.47% | $1.75 |
Arweave (AR) | +4.68% | $42.53 |
THORChain (RUNE) | +4.60% | $6.14 |
The global cryptocurrency market cap stands at $2.27 trillion, expanding marginally by 0.6% over the past 24 hours.
Like the crypto market, stock market futures traded sideways on Sunday. The Dow Jones Industrial Average Futures fell 12 points, or 0.03%, as of 9 p.m. EDT. Futures tied to the S&P 500 dipped 0.02%, while Nasdaq 100 Futures added 0.03%.
Investors await the key April's consumer price index data on Wednesday for cues regarding the Federal Reserve's next moves. In addition, the market will look for insights from Fed Chair Jerome Powell and Fed Vice Chair Philip Jefferson's speeches due this week.
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Analyst Notes: Noted cryptocurrency analyst and trader, Ali Martinez flagged the importance of $64,290 as a support level for Bitcoin.
"If Bitcoin can reclaim $64,290 as support, it is likely to rise towards $76,610," Martinez forecasted. "However, if it fails to surpass $64,290, BTC might retest support at $51,970."
If #Bitcoin can reclaim $64,290 as support, it is likely to rise towards $76,610. However, if it fails to surpass $64,290, $BTC might retest support at $51,970. pic.twitter.com/s4D1fTEU7k
— Ali (@ali_charts) May 12, 2024
Prominent on-chain analytics firm Santiment noted that the bearish sentiment in the market was high, as negative commentary on most coins trumped positive chatter.
With #bearish sentiment high, #crypto markets have continued to slip over the past week. Overall, the market has dropped -3.6%, and volume is -27% lower than the previous week. $TON, $KAS, $RUNE, and $AKT have kept traders hopeful. pic.twitter.com/VoiCJk1ymh
— Santiment (@santimentfeed) May 13, 2024
Photo by Fernando Cortes on Shutterstock