Bitcoin was steady, but Ethereum surged on Monday as companies aggressively bought the second-largest cryptocurrency for their reserves.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:30 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -0.01% | $114,846.41 |
| Ethereum (CRYPTO: ETH) | +4.21% | $3,694.69 |
| Dogecoin (CRYPTO: DOGE) | +3.66% | $0.2092 |
| XRP (CRYPTO: XRP) | +1.87% | $3.07 |
| Solana (CRYPTO: SOL) | +3.13% | $169.27 |
Institutional Buying Boosts ETH
Bitcoin oscillated between $114,700 and $115, 500 for most of the day, with the intraday peak at $115,729.47.
Ethereum, on the other hand, rose steeply, buoyed by aggressive accumulation by ETH treasury companies, including SharpLink Gaming Inc. (NASDAQ:SBET).
Over $211 was liquidated from the cryptocurrency market in the last 24 hours, with $141 million in downside bets wiped out.
Bitcoin's open interest fell by 0.88% in the last 24 hours, while Ethereum's open interest rose 2.62% in the same time. Interestingly, Binance Futures still leaned bullish for BTC, according to the Long/Short ratio.
The "greed" sentiment weakened over the last 24 hours, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:30 p.m. ET) |
|---|---|---|
| Memecore (M) | +28.52% | $0.5738 |
| Mantle (MNT) | +15.64% | $0.823 |
| Litecoin (LTC) | +9.08% | $121.21 |
The global cryptocurrency market capitalization stood at $3.77 trillion, gaining 1.01% in the last 24 hours.
Stocks Recover After Friday Blues
Stocks bounced back on Monday after Friday's sell-off. The Dow Jones Industrial Average rose 585.06 points, or 1.34%, to close at 44,173.64. The S&P 500 gained 1.47% to end at 6,329.94. The tech-heavy Nasdaq Composite spiked 1.95% to settle at 21,053.58.
Stocks closed last week in the red, precipitated by the worse-than-expected July jobs report and President Donald Trump imposing a new wave of import duties on key trading partners.
Analyst Sees Big Bull Run For Bitcoin, Altcoins
Widely followed cryptocurrency analyst and trader Bob Loukas noted Bitcoin's retest of its May cycle high, suggesting a potential 60-day cycle peak.
"Most cycles have retests or lower lows, but this stage of the bull market don’t count on them," the analyst said. "Hoping for a strong push to a late Aug high, followed by the Weekly cycle decline into Sept."
Another popular commentator, Michaël van de Poppe, said the market was looking "absolutely magnificent" for a big bull run for Bitcoin and altcoins, but stressed the significance of breaking a significant resistance around the early $115,00s.
Photo Courtesy: Travis Wolfe on Shutterstock.com
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