Bitcoin, Ethereum, Dogecoin Moderated Ahead of New Week – Analyst Sees No Sustained Rally Until Fed Delivers More Rate Hikes

Bitcoin fell below the $21,000 mark on Sunday night as the global cryptocurrency market capitalization decreased 1% to $957.1 billion.

Major Price Performance coins
Currency 24 hours 7 days Price
Bitcoin USD/BTC -two% 0.3% $20,867.42
Ethereal EUR/USD -two% 15.4% $1,346.98
doecoin DOGO/USD -2.1% -5.7% $0.06
Top 24-hour gainers (data via CoinMarketCap)
cryptocurrency 24 hour % change (+/-) Price
Lido DAO (I DO) +14.7% $1.58
classic ethereal (ETC) +14.4% $19.69
theta fuel (GAS) +14.2% $0.06

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Because it is important: CRYPTOCURRENCIES fell on Sunday night after exhibiting strength over the weekend, with Bitcoin hitting a high of $21,600.64 over the period and Ethereum hitting $1,377.94.

In the meantime, stocks — risky assets, which CRYPTOCURRENCIES have been kept in the shadows consistently in the recent past, they were seen in green at the time of publication. S&P 500 and Nasdaq futures rose 0.2% and 0.3%, respectively.

“Risk assets have been hit hard enough and they might be ready for a bounce here, but a sustained rally won’t come until the Fed has made a couple more massive rate hikes,” he said. Edward Moyasenior market analyst at OANDA, in a note seen by Benzinga.

Going into the new trading week, sentiment around crypto remains weak. alternative.mecrypto Fear & Greed Index” showed “Extreme Fear” at press time and was at 20. Last week, the index was at 22. An index value of 100 represents “Extreme Greed”, while a value of 0 shows “Extreme Fear. ”

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cryptocurrency businessman Michael van de Poppe He said it remains to be seen how Bitcoin will perform after the weekend as the $21,200 level was rejected.

“Overall the strength is still there and I assume more upside is coming. Crucial barrier for now; $21 thousand.”

On-chain analytics firm Glassnode said Bitcoin has seen two “huge” capitulation events this year, both of which caused the biggest losses at the top. currencyvolume of transfers since 2011.

One event was the collapse of classic land (LUNC), which caused a total transfer volume loss of 538,000 BTC, and the other was a transfer volume loss of 480,000 BTC, as the market traded below the 2017 all-time high.

On the Ethereum side, a buzz is building around a price recovery. Market intelligence platform Santiment said the second largest coin by market capitalization saw a 29% gain in July.

Santiment also noted an increase in whale activity on the coin network at the address level from 1,000 ETH to 100,000 ETH since May.

Chartist Ali Martinez he said that Ethereum seems to be “exploding” and set a target of $1,670 for the coin.

In the meantime, classic ethereal (ETC), considered by some to be a cheaper Ethereum game, was among the top intraday gainers on Sunday night. The coin is up more than 14% in 24 hours.

Read next: The Wolf of Wall Street Says He Was Wrong About Bitcoin: ‘I Really Hated crypto

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