Why It Matters: Bitcoin and Ethereum slipped into the red as the S&P 500 and Nasdaq futures fell 0.5% each at press time.
The two largest coins saw muted volumes owing to the weekend. In contrast, Dogecoin soared with 24-hour trading volumes surging 113.1% to $908.65 million, according to CoinMarketCap data.
Data from the price-tracking website indicated that the meme coin was the best performing cryptocurrency intraday at press time.
The bounce in DOGE came after the coin broke up bullishly from a double inside bar pattern and continued a solid uptrend on which it has been treading since it bounced off heavy support at the 5-cent mark on June 18, according to Benzinga’s Melanie Schaffer.
“Bitcoin is still not matching the gains seen with equities as sentiment remains depressed. The selling pressure might be easing, but strong buyers are not yet emerging,” said Edward Moya, a senior market analyst with 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 underpinning the index has risen from 9 to 12 in the period. A value of 0 means “Extreme Fear,” while a value of 100 represents “Extreme Greed.”
Over the weekend, cryptocurrencies showed some resilience. Cryptocurrency trader
Michaël van de Poppe noted the movement and tweeted, “Standard weekend fake-outs happening and probably ending at CME close at $21.1K for [Bitcoin].”
The analyst said there was no clear breakout above $21,600 for the apex coin at this point yet.
Standard weekend fake-outs happening and probably ending at CME close at $21.1K for #Bitcoin.
No clear breakout above $21.6K at this point, yet.
Ethereum is seeing a bout of profit-taking after a mid-sized bounce, said Santiment. The market intelligence platform tweeted that the whale activity in the second-largest coin was low and they were not the source of the uptick.
#Ethereum is enjoying a nice weekend rise, and the #2 market cap asset’s price is now up +30% in the past week. It appears there is quite a bit of profit taking on this mid-sized bounce, and the low whale activity indicates it isn’t coming from them. https://t.co/MsZUhgjwCRpic.twitter.com/NWFMmWFRGq