Bitcoin pushed to an intraday high of $70,060 but met strong resistance, sending it back to the $68,000 range. The apex cryptocurrency’s trading volume fell 17% from the previous day.
Ethereum crept up to $2,000 overnight, even though trading volume plunged 40% over the last 24 hours. XRP and Solana moved sideways.
Bitcoin's market dominance shrank to 58.3%, while Ethereum's share contracted 2.16% to 10.2%.
Over $215 million was liquidated from the market in the last 24 hours, according to Coinglass, with long liquidations accounting for the majority of the losses.
Bitcoin’s open interest fell by a modest 0.08% over the past 24 hours, while money locked in Ethereum's derivatives rose by 0.88%.
The "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 8:20 p.m. ET)
siren (SIREN)
+56.87%
$0.2266
Stable (STABLE)
+17.72%
$0.03119
Kamino (KMNO)
+11.39%
$0.03351
The global cryptocurrency market capitalization stood at $2.35 trillion, following a drop of 1.78% over the past 24 hours.
Stocks Futures In The Green
Stock futures inched higher on Monday evening. The Dow Jones Industrial Average Futures lifted 68 points, or 0.14%, as of 7:36 p.m. EDT. Futures tied to the S&P 500 gained 0.17%, while Nasdaq 100 Futures added 0.05%.
Previous metals retreated, as spot gold eased 0.44% to trade at $4,968 an ounce, while silver slid 2.10% to $75.16.
The New York Stock Exchange and Nasdaq will resume regular trading on Tuesday after Presidents’ Day break.
Time To Accumulate Crypto?
Widely followed cryptocurrency analyst and traderMichaël van de Poppe highlighted Ethereum's underperformance against silver, with the ETH/Silver weekly ratio plunging to its lowest level since 2021.
"That tells that this is a period to accumulate crypto," Van De Poppe stated, adding that sometimes the "most awful" periods could be the best time to accumulate.
It's funny that $ETH valued against Silver is at its lowest point it has ever been.
That tells that this is a period to accumulate crypto.
Whether you feel like you don't want to accumulate or not, from an investing perspective, the most awful periods are the best periods to… pic.twitter.com/9cbgvJmm7i
Blockchain analytics firm CryptoQuant noted that the Bitcoin Adjusted Spent Output Profit Ratio indicator has plunged to a level that historically marked "major bear market stress points."
Bitcoin Adjusted Spent Output Profit Ratio is an on-chain metric that indicates whether Bitcoin is being sold at a profit or loss. If the value is above 1, coins are spent at profits and vice versa.
Currently, it has retreated to the 0.92–0.94 zone.
Back to Bear Market Territory
"Bitcoin Adjusted SOPR (aSOPR) has dropped back toward the 0.92–0.94 zone — a level that historically marked major bear market stress points." – By @Woo_Minkyupic.twitter.com/xWx3qeCJYD
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