Leading cryptocurrencies rallied sharply Monday, mirroring the stock market’s upward trend.
Cryptocurrency Gains +/- Price (Recorded 8:30 p.m. EDT) Bitcoin BTC/USD +3.29% $60,428.14 Ethereum ETH/USD
+1.93% $2,664.90 Dogecoin DOGE/USD +3.30% $0.1032
What Happened: Bitcoin wobbled in the $58,000 zone till noon before gaining positive momentum that propelled it to $60,000 late evening. The apex cryptocurrency was still down 8% since the month began.
Ethereum saw a similar rally after the traditional market closed, rising to $2,660.
The total liquidations crossed $100 million in the last 24 hours, with bearish traders incurring higher losses.
Bitcoin’s Open Interest rose nearly 4% in the 24 hours, indicating an influx of new money into the derivatives market. This was further exemplified by the surge in bullish leveraged bets for the cryptocurrency as compared to downside bets, as per the Longs/Shorts Ratio.
The Cryptocurrency Fear & Greed Index still flashed "Fear" as of this writing.
Top Gainers (24-Hours)
Cryptocurrency Gains +/- Price (Recorded at 8:30 p.m. EDT) Artificial Superintelligence Alliance (FET) +11.32% $0.9013 Wormhole (W) +10.92% $0.2357 Sui (SUI) +10.64% $0.9075
The global cryptocurrency market stood at $2.11 trillion, following an increase of 2.20% in the last 24 hours.
Stocks ticked upward on Monday. The Dow Jones Industrial Average rallied 236.77 points, or 0.58%, to end at 40,896.53. The S&P 500 gained 0.97% to close at 5,608.25, while the tech-heavy Nasdaq Composite rose 1.39% to end at 17,876.77.
The uptick extended the market's recovery rally since the rout in early August, precipitated by fears of recession and the unwinding of yen carry trades.
Investors have pinned expectations from Federal Reserve Chair Jerome Powell's Friday speech to gather clues on the possibility of an interest rate cut next month, which is now at 75%, according to the CME FedWatch tool.
See More: Best Cryptocurrency Scanners
Analyst Notes: Prominent cryptocurrency analyst Ali Martinez drew attention to the historical post-halving trajectories of Bitcoin.
He noted that just 119 days have passed since the 2024 event, and King Crypto has typically peaked after around 530 days post-halving.
"If history repeats, we’re still in the early stages of this cycle," the analyst stated.
It's been 119 days since the 2024 #Bitcoin halving. In the last two cycles, $BTC hit a market top around 530 days post-halving.
If history repeats, we're still in the early stages of this cycle! pic.twitter.com/Yxxo7DLfsg — Ali (@ali_charts) August 19, 2024
Another well-known trader on X, The Dude, predicted a mega run for Bitcoin.
"Weekly bull flag on Bitcoin and ready to fly," the trader projected, noting the sharp recovery of stocks and the stagnation of the U.S. Dollar Index, DXY.
🚨BREAKING: IMPORTANT MARKET UPDATE!#SP500 Sending hard, #DXY melting…
You know what's next right?!$BTC is about to melt faces! Be ready for a mega run soon🔥
Weekly bull flag on #BITCOIN and ready to fly (last move already stopped most people that were long) pic.twitter.com/sjrnIj4Ccw — The Dude (@thedude0ne) August 19, 2024
Photo by SvetlanaParnikova on Shutterstock
