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Bitcoin, Ethereum, XRP Gain, While Dogecoin Trades Flat: Sunday Rally A 'Great Sign,' Says Analyst
CLEARSHARES PITION INTERMEDIATE FIXED INCOME ETF +1.64% Pre
CLEARSHARES PITION INTERMEDIATE FIXED INCOME ETF BTC | 40.20 40.04 | +1.64% -0.40% Pre |
Leading cryptocurrencies rallied, while stock futures were little changed on Sunday, as investors geared up for the Federal Reserve’s interest rate announcement.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:25 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +1.68% | $90,990.60 |
| Ethereum (CRYPTO: ETH) |
+1.34% | $3,088.63 |
| XRP (CRYPTO: XRP) | +0.92% | $2.05 |
| Solana (CRYPTO: SOL) | +0.03% | $132.69 |
| Dogecoin (CRYPTO: DOGE) | -0.59% | $0.1392 |
End Of The Week Rally
Bitcoin gained momentum overnight on Sunday after a calm weekend, with trading volume jumping 29.4% over the last 24 hours. The apex cryptocurrency was on course to finish the week in the green.
Ethereum also rallied, hitting an intraday high of $3,148.77, while trading volume for the second-largest cryptocurrency nearly doubled.
Cryptocurrency liquidations reached $437 million over the last 24 hours, according to Coinglass, with long liquidations amounting to over $280 million.
Bitcoin's open interest rose 2.22% in the last 24 hours. An increase in open interest, coming alongside an uptick in spot price, typically indicates new money flowing into the derivatives market.
The market sentiment slipped back into the "Extreme Fear" zone, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 8:25 p.m. ET) |
|---|---|---|
| Wrapped Pulse (SN ) | +25.44% | $0.00002111 |
| Pieverse (PIEVERSE) |
+25.42% | $0.7686 |
| Audiera (BEAT ) | +24.28% | $1.85 |
The global cryptocurrency market capitalization stood at $3.07 trillion, following a rise of 0.74% in the last 24 hours.
Stock Futures Little Changed
Stock futures remained largely flat Sunday evening. The Dow Jones Industrial Average Futures fell 5 points, or 0.01%, as of 7:49 p.m. EDT. Futures tied to the S&P 500 gained 0.02%, while Nasdaq 100 Futures added 0.03%.
The market is coming off a winning week, with the S&P 500 and the Nasdaq Composite rising 0.61% and 1.39%, respectively, boosted by high expectations of a rate cut at the Federal Reserve meeting later this week.
The CME FedWatch tool now shows an 88% chance of a 25-basis-point cut.
The Bureau of Economic Analysis published the delayed September inflation data on Friday, with the core Personal Consumption Expenditure index coming in softer than expected.
Best Price To Accumulate ETH?
Popular cryptocurrency analyst and trader Michaël van de Poppe described Bitcoin's Sunday uptick as a "great sign" but warned against the CME futures gap created at $89,400
CME gaps are the differences in price between the closing price on a given trading day and the opening price on the following trading day on a Bitcoin futures chart.
"Although it’s a great sign that markets are waking up and we’re seeing this momentum, I think it’s not bad to be a little aware of the potential CME gap correction on Monday/Tuesday," Van De Poppe said.
"Other than that, let’s break this resistance zone and get to $100,000. Sentiment will change when these moves happen," the analyst added.
Ali Martinez, another widely followed cryptocurrency commentator, identified $1,800 as "one of the best accumulation zones" before a bull run toward $10,000.
Read Next:
- Peter Schiff ‘So Close’ To Accepting Bitcoin’s Potential, Says Crypto Billionaire Changpeng Zhao, But The Economist Remains ‘Stubborn’
Photo Courtesy: Sodel Vladyslav on Shutterstock.com
