The cryptocurrency market experienced a surge on Monday, with Bitcoin reclaiming the $70,000 milestone after a five-month hiatus. The world’s largest cryptocurrency breached this elusive level in the late evening, building on the positive momentum seen throughout the weekend. According to CoinMarketCap, BTC reached an intraday high of $70,212.27, currently trading just over 5% below its all-time high of $73,750.07, achieved on March 14, 2024.
This rally has significantly boosted Bitcoin’s monthly gains to over 10%, exceeding the average monthly gains of 21% seen in previous months. The surge erased over $100 million in downside bets within the last 24 hours, with total liquidations exceeding $172 million. The heightened speculative interest is reflected in Bitcoin’s Open Interest, which jumped by 7.03% in the last 24 hours. The Longs/Shorts Ratio indicates a greater number of traders holding long positions in Bitcoin compared to those betting against it, with a ratio of 1.07. The Cryptocurrency Fear & Greed Index suggests market sentiment remains in the “Greed” zone.
Ethereum followed suit, climbing to $2,585 after a period of sideways trading earlier in the day.
Top Gainers (24-Hours):
* Dogecoin (DOGE): +14.48% at $0.1641
* THORChain (RUNE): +12.30% at $5.98
* Bitcoin SV (BSV): +8.68% at $50.18
The global cryptocurrency market cap rose to $2.35 trillion, reflecting a 1.98% increase over the past 24 hours.
Echoing the Crypto Surge, Stocks Begin the Week Strong
Equities also mirrored the positive sentiment, kicking off the new trading week on a high note. The Dow Jones Industrial Average gained 273.17 points, or 0.65%, closing at 42,387.57. The broad-based S&P 500 added 0.27%, finishing at 5,823.52, while the tech-focused Nasdaq Composite climbed 0.26%, reaching record highs of 18,567.19. Investors are anticipating a busy week filled with third-quarter earnings reports, with five of the “Magnificent 7” companies set to release their numbers later this week.
Analyst Insights:
Popular cryptocurrency analyst Rekt Capital highlighted Bitcoin’s breakout from a months-long bull flag pattern. The analyst stated, “The only condition for the breakout to be fully confirmed is for the price to remain above $69,000 for the rest of the week.”
On-chain analytics firm CryptoQuant attributed Bitcoin’s ongoing pump to increased activity on cryptocurrency exchange Binance. Their analysis indicates that Coinbase Premium, a metric representing U.S. institutional buying power, declined alongside Bitcoin’s price rise. CryptoQuant concluded, “This phenomenon is clearly driven by Binance whales involvement.”
This surge in the crypto market follows recent news of Metaplanet, dubbed ‘Asia’s MicroStrategy,’ acquiring another $10.4 million worth of Bitcoin, bringing their total holdings to over 1,000 BTC.
The cryptocurrency market continues to demonstrate its volatility and potential for rapid gains, fueled by investor sentiment, market events, and the ongoing evolution of blockchain technology. The current momentum suggests a bullish outlook for the near future, but as with all investments, due diligence and careful consideration are crucial before making any decisions.
