Top cryptocurrencies of the market lifted upward Monday, spurred by top banks' disclosure of investments in spot Bitcoin ETFs, and a social media post by retail trader "Roaring Kitty" that sent meme coins flying.
Cryptocurrency | Gains +/- | Price (Recorded 8:30 p.m. EDT) |
Bitcoin (CRYPTO: BTC) | +2.19% | $63,021.64 |
Ethereum (CRYPTO: ETH) | +0.48% | $2,952.36 |
Dogecoin (CRYPTO: DOGE) | +4.72% | $0.1488 |
What Happened: Bitcoin, the most valuable digital asset on the planet, rose above $63,000 after a subdued weekend. The disclosure of spot ETF holdings by banking titans such as Wells Fargo and JPMorgan Chase last week likely acted as the major trigger.
About $56 million in positions was wiped out in the last 24 hours, with nearly equal amounts of longs and shorts liquidated.
The uptick in spot prices drove investments in the derivatives market, as Bitcoin's Open Interest went to upwards of $30 billion, following a 2.94% increase over the last 24 hours.
The world's largest meme coin, Dogecoin, bounced 4.73% in the last 24 hours as popular retail trader Roaring Kitty posted a meme on social media after a nearly three-year absence.
The level of "Greed" in the market surged, according to Cryptocurrency Fear and Greed Index, an indication that buying pressure might improve in the days ahead.
Top Gainer (24 Hour)
Cryptocurrency | Gains +/- | Price (Recorded 8:30 p.m. EDT) |
Ethena (ENA) | +4.10% | $0.8947 |
Lido DAO (LDO) | +3.11% | $1.97 |
UNUS SED LEO (LEO) | +2.61% | $5.93 |
The global cryptocurrency market cap stands at $2.3 trillion, increasing by 1.42% in the past 24 hours.
Major stock indices closed lower on Monday. The Dow Jones Industrial Average lost 81.33 points, or 0.21%, to close at 39,431.51, snapping an eight-day winning run. The S&P 500 slipped 0.02% to end the trading session at 5,221.42 points, while the tech-focused Nasdaq Composite gained 0.29% to finish at 16,388.24 points.
Investors await key inflation data numbers this week, beginning with the producer price index due on Tuesday, and the more significant consumer price index slated for Wednesday, with economists forecasting a month-over-month increase for both.
Analyst Notes: Prominent cryptocurrency analyst and trader, Ali Martinez drew attention to the importance of $66,250 as a "significant" resistance level for Bitcoin.
"Once BTC breaks past this level, it will be positioned for new all-time highs," Martinez predicted.
The most significant resistance level for #Bitcoin is at $66,250. Once $BTC breaks past this level, it will be positioned for new all-time highs! pic.twitter.com/8ieiU86wfT
— Ali (@ali_charts) May 13, 2024
On-chain analytics firm Santiment underlined that Bitcoin's funding rate on major derivatives exchanges was increasing, raising fears of an overleveraged market, and, subsequently, a market correction.
The research firm added that those wishing for a sustained rally would rather want FOMO to stay low, with short positions being on par with the longs, or higher.
#Bitcoin's funding rate is rising on exchanges like #DyDx and #Deribit. To avoid history repeating itself after last week's top, those #bullish on #crypto want to see $BTC #FOMO staying low, with #shorts opening at the same (or higher) rate than longs. pic.twitter.com/oD2qglaWvb
— Santiment (@santimentfeed) May 13, 2024