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Major cryptocurrencies showed mixed performance on Sunday evening as Bitcoin, the world's largest cryptocurrency, appeared to undergo a correction, while some altcoins posted significant gains.
| Cryptocurrency | Winnings +/- | Price (Recorded at 9:30 p.m. EST) |
| Bitcoin (CRYPTO:BTC) | -4.37% | $41,846 |
| Ethereum (CRYPTO:ETH) | +5.17% | $2,351 |
| Dogecoin (CRYPTO: DOGE) | -3.88% | $0.095 |
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What happened: Bitcoins The rally took a temporary pause on Sunday and briefly fell to $41,800. This slight decline suggests that traders may have decided to lock in some profits after seeing the cryptocurrency's significant rise from $38,000 just a week ago.
ETH experienced a remarkable 5% increase and reached its highest price since May 2022.
Data from CoinGlass shows that the cryptocurrency market recorded a total liquidation value of $374.41 million in the last 24 hours, affecting 109,015 traders. The largest single liquidation order occurred on OKX and involved $8.23 million worth of BTC-USDT SWAP.
Top gainer (24 hours)
| Cryptocurrency | Winnings +/- | Price (Recorded at 9:30 p.m. EDT) |
| helium | +14.06% | $5.06 |
| BitTorrent | +11.99% | $0.00000124 |
| Injective | +8.06% | $20.63 |
The global crypto market cap has reached $1.6 trillion, up 1.34% in the last 24 hours.
US stock futures showed a slight increase on Sunday evening as investors eagerly awaited the finale Federal Reserve Meeting in 2023.
Dow Jones Industrial Average futures gained 22 points, up 0.06%, while S&P futures and Nasdaq 100 futures posted smaller gains of less than 0.1%. The S&P 500 and Nasdaq Composite both ended Friday on a remarkable six-week winning streak, posting gains of 0.2% and 0.7%, respectively. In contrast, the Dow remained relatively flat throughout the week.
During the Fed's upcoming monetary policy meeting on Wednesday, the chairman said Jerome Powell Federal Reserve interest rates are expected to remain unchanged in the range of 5.25% to 5.5%, a level it has held since July. Market expectations indicated by CME Group's FedWatch tool currently suggest a 45% chance of a 0.25 percentage point Fed rate cut in March.
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Analyst notes: Cryptocurrency analyst Michael Van de Poppe notes that altcoin market caps recently broke out of an 18-month sideways range. Looking ahead, “the next potential areas for a peak will be between $1.1 and $1.3 trillion.”
Eli TarantoCEO at EQI Bank, A note seen by Benzinga said: “As the US released a stronger-than-expected jobs report, Bitcoin gained over the weekend, but remains at risk of a decline in the coming weeks, hitting around $40,000 over the holiday season. Dollar reached.”
He added: “Pressure on BTC will continue to mount as retail investors may choose to take profits for the holidays. While the Santa Claus rally could offset this, all eyes are now on the upcoming ETFs after BTC price has already factored in key U.S. economic indicators. “
A pseudonymous crypto analyst suggests that Bitcoin may be following a similar pattern to Amazon stock (AMZN) over a decade ago. The analyst known as TechDevshares a chart on
“Here is when AMZN retested its previous all-time high with an extended shallow correction. Just like BTC did. Then here is an analysis of the structural similarities of both flats. The green line is where BTC has moved since the chart.”
TechDev notes that both charts show double tops in the respective assets, followed by significant corrections to previous all-time highs. The analyst notes that both also experience sudden parabolic moves to new all-time highs with minimal or no dips in between.
“A quick move to new highs from here would not be unusual for extended flat retests of a previous ATH if one can get past the mass narrative surrounding the halving. No guarantee. The $32,000 retest scenario is still on the table. But if we do.” If it just hits new highs from here, I wouldn’t be surprised. If structural analogies work, it is because the speculative behavior of mass people does not change, regardless of wealth.”
Photo by CMP_NZ on Shutterstock
continue reading: Jim Cramer advises against using Binance, sparking strong reactions from Twitter users
“End 2023 successfully with 3 hot stock ideas – practically free”
Are you ready for your chance at the next potential gains of 32%, 39% or 45% in today's market? You'll miss out on stock expert Gianni Di Poce's three latest stock ideas…ideas that could change your entire wealth-building journey. If you're ready to finish 2023 strong with 12 hot stock ideas every month. REACT FAST.
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