Major cryptocurrencies experienced a decline on Sunday, as the market faced shrinking volume and reduced volatility.
| Cryptocurrency | Change +/- | Price (Recorded at 7:30 p.m. ET) |
| Bitcoin BTC/USD | -1.34% | $96,387.98 |
| Ethereum ETH/USD |
-1.23% | $2,669.97 |
| Dogecoin DOGE/USD | -2.39% | $0.2661 |
Recent Developments: Bitcoin traded within a range of $96,000 to $97,650, maintaining a sideways movement following the aftermath of the ‘Black Sunday’ crash. Meanwhile, Ethereum fell below $2,700, hitting an intraday low of $2,655.30.
The leading assets observed a drop in 24-hour trading volumes, indicating diminished demand.
Liquidations in the cryptocurrency market surged past $109 million in the past day, with long liquidations constituting $78 million.
Over $300 million worth of short positions are vulnerable to liquidation should Bitcoin ascend to $100,000.
Approximately 52% of Bitcoin derivatives traders currently hold short positions, based on the Long/Short Ratio, suggesting a potential decrease in prices.
The market sentiment remains “Neutral,” according to the Crypto Fear & Greed Index, reflecting an absence of clear bullish or bearish trends.
Top Gainers (24-Hours)
| Cryptocurrency | Change +/- | Price (Recorded at 7:30 p.m. ET) |
| PancakeSwap (CAKE) | +4.90% | $2.82 |
| Hyperliquid (HYPE) | +4.02% | $26.88 |
| Sonic (S) | +3.38% | $0.5328 |
The global cryptocurrency market capitalization was recorded at $3.2 trillion, reflecting a 1.16% decrease over the last 24 hours.
Stock futures remained relatively stable on Sunday evening. The Dow Jones Industrial Average Futures hovered near unchanged levels at 7:39 p.m. EDT. Futures associated with the S&P 500 rose by 0.03%, while Nasdaq 100 Futures increased by 0.04%.
Trading on the New York Stock Exchange and Nasdaq will be suspended on Monday in observance of Presidents Day, also referred to as Washington’s Birthday.
See More: Top Cryptocurrency Scanners
Analyst Insights: Cryptocurrency analyst CrypNuevo, known for his substantial following, predicted a “promising” trading week and highlighted significant levels of interest on Bitcoin’s chart.
“I anticipate that the upside liquidations will probably be triggered soon ($99,200), but I prefer to re-enter around the lower liquidations ($93,300) first.
The analyst further advised caution against blindly longing the range lows, as he expects Bitcoin to potentially dip to $88,000 if it reaches the range lows of $91,000.
Additionally, prominent cryptocurrency expert and trader Ali Martinez cautioned that should Ethereum fail to maintain $2,570, the next crucial support level would be $2,200.
Image Credit: Shutterstock
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