Bitcoin and Ethereum was trading lower, but Dogecoin rose on Sunday evening, as the global cryptocurrency market capitalization fell 2.3% to $942 billion at press time.
|Piece of money||24 hours||7 days||Price|
|Cryptocurrency||% change over 24 hours (+/-)||Price|
|Ethereum Classic (ETC)||+2%||$16.9|
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Why is this important: Bitcoin and Ethereum slipped into the red as S&P 500 and Nasdaq futures fell 0.5% each at press time.
The two largest coins saw muted volumes due to the weekend. In contrast, Dogecoin soared with 24-hour trading volumes up 113.1% to $908.65 million, according to data from CoinMarketCap.
Data from the price-tracking website indicated that the meme coin was the best performing intraday cryptocurrency at press time.
DOGE’s bounce came after the coin broke higher from an inside double bar pattern and continued a strong uptrend it has been treading since bouncing off support. important at the 5-cent mark on June 18, according to Benzinga’s Melanie Schaffer.
“Bitcoin still does not match the gains seen with equities as sentiment remains depressed. Selling pressure may ease, but strong buyers are not emerging yet,” said Edouard Moyaa senior market analyst at OANDA in a recent note, seen by Benzinga.
Alternative.me’s “Crypto Fear & Greed Index” flashed “Extreme Fear” at press time. Investor sentiment remains unchanged from last week.
Although the value underlying the index rose from 9 to 12 during the period. A value of 0 means “Extreme Fear”, while a value of 100 represents “Extreme Greed”.
Over the weekend, cryptocurrencies showed some resilience. Trader in cryptocurrency
Michael van de Poppe noted the move and tweeted, “Standard weekend fake exits occur and likely end at CME close at $21.1000 for [Bitcoin].”
The analyst said there is no clear breakout above $21,600 for the apex coin yet at this point.
The fake weekend standard exits occur and likely end at the CME at $21.1000 for #Bitcoins.
No clear breakout above $21.6000 yet at this point.
— Michael van de Poppe (@CryptoMichNL) June 26, 2022
Justin Bennett said the cryptocurrency market is breaking support or looking set to break. He noted the rally and said the market had a “small fakeout” above the $940 billion market cap.
“I doubt it will last much longer,” the cryptocurrency trader said in a recent tweet.
Everything is breaking support or seems ready to do so.$TOTAL with a small fakeout above $940 billion. Now weighing in on channel support.
— Justin Bennett (@JustinBennettFX) June 25, 2022
Ethereum is seeing profit taking after a mid-sized bounce, Santiment said. The market information platform tweeted that whale activity in the second-largest coin was weak and not the source of the rise.
#Ethereum enjoys a nice rally over the weekend, and the price of the #2 market cap asset is now up +30% in the past week. There seems to be quite a bit of profit taking on this mid-sized bounce, and the low whale activity indicates that it’s not coming from them. https://t.co/MsZUhgjwCR pic.twitter.com/NWFMmWFRGq
— Santiment (@santimentfeed) June 25, 2022
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