The cryptocurrency market is showing resilience and strength as the weekend's trading concluded with significant upward momentum across major digital assets. Bitcoin, the leading cryptocurrency by market cap, displayed a sluggish trend initially but managed to secure crucial support levels, signaling a potential move by the bulls.
Ethereum, the second-largest crypto, has been particularly strong, as bears failed to push its value below $3,100. This positive momentum extends to other major altcoins, which also show strength, indicating they might outperform Bitcoin in the coming days.
Bitcoin (BTC) recovered from recent lows, climbing back above $64,000. After suffering a dip to $56,800 earlier in the month, BTC showed resilience and potential bullish momentum, now trading at around $64,000. Bitcoin’s market cap briefly dipped to approximately $1.11 billion but rebounded above the $1.25 billion mark, with its dominance against altcoins standing at over 54.7%. Key indicators, such as the Market Value by Realized Value (MVRV) score, suggest that BTC could continue to rally, indicating a buying opportunity.
Ethereum (ETH) has displayed strong performance against Bitcoin, with its price remaining above $3,100. Ethereum’s strength has been reflected in other altcoins, as they tend to follow ETH’s price rally. The ETH/BTC pair rebounded from key support, which could lead altcoins to approach the "mid-range" soon. The asset is currently trading around $3,170, up 1.6% for the day, with a potential for further consolidation above $3,000.
Among other notable altcoins, Dogecoin (DOGE) has experienced an impressive 12% weekly surge, trading above $0.16. The rally was partly fueled by Tesla's acceptance of DOGE as a payment method for merchandise, highlighting continued investor interest.
XRP, Ripple’s native token, has also seen an uptick, currently priced around $0.53. This represents a 5% increase on a seven-day scale. Analysts are optimistic about XRP’s future, especially with the ongoing legal battles with the SEC, which have previously triggered price surges following favorable court outcomes.
Leading the gainers, Worldcoin (WLD) experienced an impressive 18.95% increase in price, reaching $6.25 with a trading volume of $478 million, likely driven by favorable market news or strong investor interest. Following closely, AIOZ Network and Ethena registered gains of 13.95% and 12.10%, respectively, suggesting a robust demand for decentralized solutions and potential technological advancements within their networks. Hedera also showed notable growth with an 11.62% rise, reflecting its expanding adoption and positive market perception.
On the other side of the spectrum, dogwifhat topped the list of losers with a 4.10% drop, possibly due to market corrections or negative sentiment affecting its price. Other notable decliners include Bonk and Floki, which fell by 2.98% and 1.99% respectively, indicating shifts in investor interest possibly away from meme coins amid the current market dynamics.
Minor losses were seen in Core and Lido DAO, with their prices slightly retracting by less than 1%, hinting at minor profit-taking or investor caution. This comes after a broader crypto market recovery following last week's correction, with total market capitalization reaching $2.5 trillion during Monday’s Asian trading session.
The crypto markets are up 1.7% for the day, with key economic events and data reports poised to drive further growth. The recent Federal Reserve pivot and increased liquidity have bolstered market sentiment, with crypto markets returning to pre-pullback levels.
The current economic calendar is less volatile, with limited macro-related news this week, but market participants remain cautious. Analysts from Greeks Live noted that the Federal Reserve has maintained its current rates in recent months, suggesting a stable economic environment that may further support crypto markets.
Over the weekend, crypto markets rebounded strongly, with Bitcoin recovering key price levels and trading around $64,000. Ethereum followed suit, reaching $3,170 and staying within its consolidation channel. This positive trend extended to other altcoins, which also recorded marginal gains.
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