Major coins were buoyant Sunday evening as the global cryptocurrency market cap rose 0.9% to $1.1 trillion at press time.
| Coin | 24-hour | 7-day | Price |
|---|---|---|---|
| Bitcoin (CRYPTO: BTC) | 1.4% | 0.01% | $23,315.92 |
| Ethereum (CRYPTO: ETH) | 1.2% | 2.1% | $1,714.47 |
| Dogecoin (CRYPTO: DOGE) | 1% | 1.4% | $0.07 |
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| Oasis Network (ROSE) | +26% | $0.11 |
| Loopring Token (LRC) | +10.4% | $0.48 |
| Cosmos (ATOM) | +6.8% | $11.34 |
Why It Matters: $Bitcoin(BTC.CC)$ and $Ethereum(ETH.CC)$ traded in the green at press time, even as $S&P 500 index(.SPX.US)$ and $NASDAQ 100 Index(.NDX.US)$ futures were down 0.2% and 0.3%, respectively, at press time.
On Friday, U.S. Labor Department data indicated that nonfarm payrolls for July grew by 528,000, against an expectation of a 250,000 rise, Reuters reported.
As a result, expectations arose that the U.S. Federal Reserve will maintain its hawkish course, and 10-year Treasury notes shot up 11.2 basis points to 2.788%.
Bitcoin might be ending its correlation with equities. After a robust nonfarm payroll report, Wall Street sent Treasury yields skyrocketing, which sent stocks sharply lower, but not Bitcoin."
- said Edward Moya, a senior market analyst at OANDA.
If we were still in a crypto winter, Bitcoin's typical reaction would have delivered a steeper drop than what happened with U.S. stocks."
- wrote Moya, in a note seen by Benzinga.
Moya's colleague at OANDA, Craig Erlam, said that Bitcoin continues to trade near the $23,000 mark, with a "break above $25,000 now the next big test to the upside."
Chartist Ali Martinez said he is watching out for two critical areas of support for the apex coin: $22,560 and the other, the coin's relative strength index on the daily chart at 51. If both are lost, the analyst expects Bitcoin to drop to $21,400.
Going forward into a fresh trading week, investor sentiment continues to be dominated by "Fear," according to Alternative.me's "Crypto Fear & Greed Index." Last week, the index was at 33, while at press time, it had a value of 30. A value of 0 on the index represents "Extreme Fear," while 100 reflects "Extreme Greed."
Long-term holders of Bitcoin are continuing to spend coins at a net loss, which ranges from -11% and -61% on average, said Glassnode, in a weekly blog post.
The recent rally has given allowed Long-Term Holders an opportunity to exit a fraction of their holdings at their cost basis, at prices which essentially 'get their money back'."
- said Glassnode.
The on-chain analysis firm said over the last three weeks, the aggregated behavior of long-term holders has changed from accumulating at a rate of 79,000 BTC/month to distributing up to -47,000 BTC/month.
Behaviorally, words like "moon" and "Lambo" are used in a sarcastic fashion by investors during a slide, but they often mark moments when Bitcoin is about to rise, said on-chain and financial analysis platform Santiment on Twitter.
