Metric analysis

Bitcoin, Ethereum rebound from weekend lows, Dogecoin weak

Bitcoin and Ethereum traded in the green early Monday morning as the global cryptocurrency market cap rose 0.8% to $1.02 trillion.







Price performance of major coins
Piece of money 24 hours 7 days Price
Bitcoin BTC/USD 0.8% -13.4% $21,401.91
Ethereum ETH/USD 0.8% -2% $1,598.83
Dogecoin DOGE/USD -0.6% -13.2% $0.07

Top 24 hour winners







Top 24 hour gainers (data via CoinMarketCap)
Cryptocurrency % change over 24 hours (+/-) Price
EOS (EOS) +8.9% $1.52
Synthetix (SNX) +7.4% $2.99
Lido CAD (ETH) +6.6% $2

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Why is this important: While major cryptocurrencies were trading higher intraday, the upward momentum was not strong. As for stocks, S&P 500 and Nasdaq futures were down 0.6% and 0.8%, respectively, at press time.

Risk asset volatility precedes expected comments from the US Federal Reserve Chair Jerome Powell at the annual Jackson Hole symposium, which is scheduled for August 25.

Senior Market Analyst OANDA Craig Erlam said in a recent note, seen by Benzinga, that the next key test for Bitcoin could be the $20,000 level. He said, “Crypto winter may not be over yet.”

Saniment said markets rebounded on Monday after Bitcoin and Ethereum fell below $20,900 and $1,540, respectively, on Sunday. The market information platform said the exchanges are experiencing “high levels of [short] trades]ahead as “people fear going back to June levels. As long as they are betting against the markets, there is a higher chance of an upside.

Trader in cryptocurrency Michael van de Poppe said that the total cryptocurrency market cap still looks the same. He said he was holding the 200-week moving average for support, implying that “continuation is still likely and bottom is at or near.”

Justin Bennett pointed out that cryptocurrencies fell more sharply against the S&P 500.

“At this level, [stocks] do NOT need to make new stockings for [BTC] to make new lows,” the cryptocurrency trader tweeted.

Bennett said that even a 7% drop in the S&P 500 could mean a 40% drop for Bitcoin.

Heading into the new trading week, Alternative.me’s “Crypto Fear & Greed Index” showed “Fear”, just like it did last week.

Read more : This NFL Team Just Became the First to Accept Bitcoin Payments for Game Sequels