March 11, 2024 12:13 AM | 3 min read
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Major coins like Bitcoin and Ethereum traded lower on Sunday evening as the global cryptocurrency market cap slipped 1.3% to $2.58 trillion.
What Happened: The decline in cryptocurrency prices was mirrored in other risk assets as stock futures fell slightly just ahead of a fresh trading week.
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Santiment, a market intelligence platform, noted that returns from Bitcoin and Ethereum outpaced those from S&P 500 this week.
| Cryptocurrency | Gains +/- | Price (Recorded at 11:09 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | -0.82% | $68,414.99 |
| Ethereum (CRYPTO: ETH) | -2.19% | $3,843.72 |
| Dogecoin (CRYPTO: DOGE) | -5.59% | $0.165 |
Market sentiment was marked by “Extreme Greed,” according to the “Crypto Fear & Greed Index.” It is important to note that Bitcoin hit an all-time high of $69,170.63 last Tuesday.
The index has remained unchanged at 82 compared with the last week. A value of 100 on the index represents “Extreme Greed” while 0 indicates “Extreme Fear.”
“Historically, [Cryptocurrency] markets see sustained [bull markets] with little to no correlation with [equities], so traders are hopeful this trend continues,” said Santiment on X, formerly Twitter.
Investors will be on the lookout for Core CPI figures, due on Tuesday — these numbers could be a harbinger of what direction the interest rates take.
Top Gainer (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 11:09 p.m. EDT) |
| Gala (GALA) | +30.7% | $0.075 |
| Pyth Network (PYTH) | +21.9% | $0.83 |
| Floki (FLOKI) | +15.9% | $0.000274 |
Analyst Takes: Cryptocurrency analyst Michaël van de Poppe noted that Bitcoin dominance is “still on track” even as Bitcoin halving draws closer.
Bitcoin dominance was noted above 51% at the time of writing, according to data from Coinmarketcap.
Bitcoin Dominance Chart — Courtesy CoinMarketCap
He said in a separate post on X that Altcoins are “lagging behind” and their market cap still needs to gain 70% to get toward the highs seen in the previous cycle.
Meanwhile, Coinglass, a cryptocurrency futures trading and information platform, noted that CME BTC Futures Open Interest has exceeded the $10 billion mark for the first time and hit a new “all-time high.” It should be noted that a rise in open interest is an indicator of fresh money coming into the market for a particular option.
Photo by Igor Faun on Shutterstock
Become An Options Master in Today’s Market!
Wow! The S&P 500 hit an all-time high. Tech and health sectors are red hot. Now’s the time to learn Nic Chahine’s 411% gains-with-options secret. Grab his free report now.
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