Major cryptocurrencies saw a strong rally on Sunday evening as investors increased their risk appetite on strong expectations of another interest rate cut.
| Cryptocurrency | Increase +/- | Price (Registered at 19:30 ET) |
| Bitcoin (CRYPTO:BTC) | +5.04% | $106,370.44 |
| Ethereum (CRYPTO:ETH) |
+3.51% | $3,992.72 |
| Dogecoin (CRYPTO:DOGE) | +2.21% | $0.4033 |
What happened
Bitcoin hit a new all-time high of $106,000, after previously breaking the $102,000 resistance
In the same sense, Ethereum it rose above $4,000 before retreating slightly.
Total cryptocurrency liquidations exceeded $309 million in the last 24 hours, of which $204 million belonged to leveraged short positions.
The market began to become overleveraged, and any drop below $100,000 would wipe out more than $1 billion in long positions.
Bitcoin open interest shot up 7.48% in the last 24 hours. A rise in open interest, coinciding with a price rally, indicated an influx of fresh money into the derivatives market.
Market sentiment remained in the “extreme greed” zone, according to the Cryptocurrency Fear and Greed Index.
Top winners (Last 24 hours)
| Cryptocurrency | Increase +/- | Price (recorded at 19:30 ET) |
| Fantom (FTM) | +20.94% | $1.47 |
| Stacks (ETX) | +17.47% | $2.59 |
| Ondo (WAVE) | +16.05% | $2.14 |
The capitalization of the global cryptocurrency market stood at $3.74 trillion, after an increase of 1.92% in the last 24 hours.
Stock futures traded near breakeven Sunday night. The futures of Dow Jones up 46 points, or 0.10%, at 8:40 p.m. EDT, futures linked to S&P 500 rose 0.07%, while those of the Nasdaq 100 they rose only 0.04%.
This week, investors will focus on the Federal Open Market Committee’s (FOMC) final meeting of the year, during which central bank officials will decide on benchmark interest rates.
Participants have assessed that there is a 93.7% probability of a 0.25% cut to a range of 4.25%-4.50%, according to the CME Fedwatch tool.
Analyst Notes
Amid Bitcoin’s Strong Rally, Influential Crypto Analyst Ali Martinez raised concerns about a possible market cap.
“Long-term Bitcoin holders often sell near market highs. Interestingly, in 2017 and 2021, their highest sales occurred just before the last price increase,” Martínez said, drawing parallels with current patterns.
“Could it be that we are on the verge of a similar pattern? Is this the beginning of a top in the market?”
Long-term #Bitcoin $BTC holders often sell near market tops. Interestingly, in 2017 and 2021, their biggest sell-offs occurred right before the final leg up.
Could we be on the verge of a similar pattern? Is this the start of a market top? pic.twitter.com/3L0cFoNebs
— Ali (@ali_charts) December 16, 2024
Another widely followed market watcher, Michael van de Poppepredicted the “next wave” for alternative cryptocurrencies.
“Yes, it is time for a new movement and, as the markets tend to move like this, but this movement is going to be significantly larger than the previous one,” commented the analyst.
The Altcoin?src=hash&ref_src=twsrc%5Etfw”>#Altcoin markets are ready for their next wave.
Yes, it’s time for a new move and, as the markets tend to move like this, but this move is going to be significantly bigger than the previous one.
Here’s an ideal recipe on how to handle those moves, maximizing returns.
The… pic.twitter.com/bjhuhdJ5Kz
— Michaël van de Poppe (@CryptoMichNL) December 15, 2024
In the last 24 hours, Bitcoin dominance fell 4% to 55.9%, while altcoin share rose 3.48% to 31.2%.
Photo courtesy of Shutterstock
You can also read: Ibex 35 futures fall: keys to the uncertainty due to the Fed’s decisions
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