Bitcoin, Ethereum, XRP, Dogecoin Rally as 'Extreme Fear' Persists: Analyst Expects a 'Quick' Move Upward for BTC After 'Shallow' Correction
Leading cryptocurrencies gained alongside stock futures on Sunday as investors braced for the release of the Federal Reserve's June meeting minutes.
|
Cryptocurrency |
24-Hour Gains +/- |
Price (Recorded at 9:15 p.m. EDT) |
|---|---|---|
|
Bitcoin (CRYPTO: BTC) |
+1.25% |
$63,715.39
|
|
Ethereum (CRYPTO: ETH)
|
+1.15% |
$1,790.59 |
|
XRP (CRYPTO: XRP) |
+0.84% |
$1.15 |
|
Solana (CRYPTO: SOL) |
+1.02% |
$82.00 |
|
Dogecoin (CRYPTO: DOGE) |
+1.09% |
$0.07804 |
Crypto Market Lifts
Bitcoin spiked late evening, nearly breaking $64,000, as trading volume increased marginally. Ethereum broke through $1,800, with a 41% jumpe in 24-hour volume, while XRP and Dogecoin inched higher.
Over $160 million was liquidated from the cryptocurrency market in the last 24 hours, with $108 million in bearish short positions, according to Coinglass data.
Bitcoin's open interest rose 1.21% over the last 24 hours. Meanwhile, retail and whale derivatives traders remained net long on the apex cryptocurrency.
"Extreme Fear" sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
|
Cryptocurrency (Market Cap>$100 M) |
Gains +/- |
Price (Recorded at 9:15 p.m. EDT) |
|
Lighter (LIT) |
+18.00% |
$2.57 |
|
Unibase (UB) |
+12.12% |
$0.1048 |
|
Ribbita by Virtuals (TIBBIR) |
+11.76% |
$0.1265 |
The global cryptocurrency market capitalization stood at $2.13 trillion, representing a 2.39% increase over the last 24 hours.
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Stocks Futures Rise
Stock futures edged higher overnight on Sunday. The Dow Jones Industrial Average Futures rose 82 points, or 0.15%, as of 8:45 p.m. EDT. Futures tied to the S&P 500 spiked0.54%, while Nasdaq 100 Futures rallied 1.36%.
Eyes will be on the Federal Reserve this week as traders await the minutes of the June meeting, the first chaired by new Chairman Kevin Warsh, which are due on Wednesday. The central bank kept the federal funds rate steady in a target range of 3.50% to 3.75%
Macro Pullback Phase?
Ali Martinez, a widely followed cryptocurrency analyst and trader, highlighted a sharp drop in stablecoin supply over the last two months, owing to "heavy capital redemptions" from Tether (CRYPTO: USDT) and USDC (CRYPTO: USDC)—the two biggest stablecoins by market capitalization.
"Stablecoin contraction historically reflects a macro pullback phase, as active capital is redeemed for fiat or sidelined during broad market corrections," the analyst stated.
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