Leading cryptocurrencies edged higher Sunday as the market sought to rebound from last week's losses.
Cryptocurrency | Gains +/- | Price (Recorded at 8:45 p.m. EDT) |
Bitcoin (CRYPTO: BTC) | +1.43% | $54,780.48 |
Ethereum (CRYPTO: ETH) | +1.28% | $2,293.80 |
Dogecoin (CRYPTO: DOGE) | +0.94% | $0.09593 |
What Happened: Bitcoin climbed significantly overnight, surpassing $55,000 before retreating to the higher area of $54,000. The leading cryptocurrency was down 4.32% over the past week, led by a steep drop Friday that took it below $53,000.
Ethereum also looked to recoup losses from last week's plunge below $2,200, inching past $2,300 last evening.
The rally caused the market's total liquidations to top $100 million in the last 24 hours, with bearish leveraged traders getting the most affected.
Bitcoin's Open Interest rose 2.02% in the past 24 hours, indicating a surge in expectations of more volatility.
The market's sentiment improved from "Extreme Fear" to "Fear," according to the popular Cryptocurrency Fear & Greed Index.
Top Gainers (24-Hours)
Cryptocurrency | Gains +/- | Price (Recorded at 8:45 p.m. EDT) |
BitTorrent [New] (BTT) | +19.09% | $0.0000009333 |
Quant (QNT) | +16.33% | $70.19 |
Popcat (POPCAT) | +8.81% | $0.5425 |
The global cryptocurrency market fell below $2 trillion, following a contraction of 2.90% in the last 24 hours.
Stock futures ticked higher Sunday night. The Dow Jones Industrial Average Futures was up 0.1% at 8:50 p.m. EDT. Futures tied to the S&P 500 gained 0.12%, while Nasdaq 100 Futures added 0.16%.
The uptick followed the stock market's dismal start to September, as major indices such as the S&P 500 and the Nasdaq Composite recorded weekly losses not seen in more than a year.
The decline was precipitated by weak labor data, with the U.S. economy adding 142,000 nonfarm payrolls in August, below the 160,000 consensus estimate.
Before this, August's private sector job growth also fell far short of expectations.
Market participants have priced in a 65% chance of the Federal Reserve cutting the interest rate by 25 basis points, according to the CME FedWatch tool.
Analyst Notes: Prominent cryptocurrency analyst Elja Boom noted similarities between September's bearish environment this year and the same month last year.
He observed a "peak" bearish sentiment, and the unsustainability of any Bitcoin upsides.
"The market usually bottoms when there's peak frustration and pessimism, which is clearly visible on my timeline!" the analyst added.
Similarities between September 2023 and September 2024!
– Retail going after everyone who is posting bullish things
– The market looks like it'll continue to go down and will never recover
– No $BTC pump is sustainable
– People are bored and busy dragging down each other... pic.twitter.com/uPJvjFn7LJ— Elja (@Eljaboom) September 8, 2024
Widely followed cryptocurrency analyst Rekt Capital stated that Bitcoin's 8% decline in September was "nothing out of the ordinary," considering historical downsides witnessed during the month in 2021, 2020, 2018, and 2017.
The #Altcoin markets are reversing.
I'm positioned into $OMNI (and under-water), but it's showing a:
– Daily bullish divergence.
– Reclaiming the level of early August.
Expect to see a run of 2-3x in the coming 2-3 months against $BTC value –> the most important metric. pic.twitter.com/uM9v1NosnL— Michaël van de Poppe (@CryptoMichNL) September 5, 2024