Major cryptocurrencies experienced a significant surge on Monday evening due to a combination of factors. These factors include heightened buying activity driven by a sense of panic, anticipation of lower interest rates, and pending spot Bitcoin ETF decisions.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin (CRYPTO: BTC) | +2.79% | $41,573 |
| Ethereum (CRYPTO: ETH) | +0.82% | $2,221 |
| Dogecoin (CRYPTO: DOGE) | +4.06% | $0.085 |
What Happened: The surge in bullish momentum, fueled by macroeconomic shifts has wiped out shorts and increased liquidity in the market.
Matrixport, a crypto investment services provider, saw a significant increase in bitcoin perpetual futures premium compared to the spot price. According to the firm, this trend suggests that traders are eagerly jumping into BTC, driven by the fear of missing out (FOMO) on the ongoing rally.
“Traders do not have enough upside leverage, this is the conclusion from the elevated premium that perpetual futures are trading at,” the report noted.
Perpetual futures typically traded at a premium of around 5-10% compared to the spot price throughout the year. However, this premium widened to 10-15%, and at times even reached as high as 20-30%. “This shows panic buying from traders who are closing out shorts or increasing leveraged longs,” Matrixport analysts said.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Stacks | +33.58% | $1.16 |
| Ordi | +28.23% | $49.43 |
| Conflux | +23.22% | $0.20 |
The global crypto market cap has reached $1.54 trillion, marking a 3.58% increase in the last 24 hours.
Stocks experienced a decline on Monday, prompting investors to question whether the market had become overextended after five consecutive weeks of gains. The S&P 500 fell by 0.54% to reach 4,569.78, while the Nasdaq Composite saw a decline of 0.84% to settle at 14,185.49.
Notably, investors began selling off Big Tech shares, which had been driving the market’s upward trajectory throughout the year. However, amidst the stock stagnation, bitcoin and gold showed a promising rally to kick off the week. Bitcoin surpassed the $41,000 mark, reaching its highest level in 19 months, while gold achieved its highest nominal intraday value ever recorded.
This rebound in stocks since October has been fueled by investor speculation on a…
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