The major cryptocurrencies displayed a mixed performance on Sunday evening as Bitcoin, the world’s largest cryptocurrency, seemed to be undergoing a correction, while some altcoins were experiencing significant gains.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin (CRYPTO: BTC) | -4.37% | $41,846 |
| Ethereum (CRYPTO: ETH) | +5.17% | $2,351 |
| Dogecoin (CRYPTO: DOGE) | -3.88% | $0.095 |
What Happened: Bitcoin’s rally experienced a temporary pause on Sunday as it briefly dropped to $41,800. This slight decline indicates that traders may have opted to secure some profits after witnessing the cryptocurrency’s substantial surge from $38,000 just a week ago.
ETH witnessed a notable 5% surge reaching its highest price point since May 2022.
Data from CoinGlass shows that in the past 24 hours, the cryptocurrency market experienced a total liquidation value of $374.41 million and 109,015 traders were affected. The largest individual liquidation order occurred on OKX, involving BTC-USDT-SWAP with a value of $8.23 million.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Helium | +14.06% | $5.06 |
| BitTorrent | +11.99% | $0.00000124 |
| Injective | +8.06% | $20.63 |
The global crypto market cap has reached $1.6 trillion, marking a 1.34% increase in the last 24 hours.
U.S. stock futures showed a slight increase on Sunday night as investors eagerly anticipate the final Federal Reserve meeting of 2023.
Dow Jones Industrial Average futures gained 22 points, equivalent to a 0.06% increase, while S&P futures and Nasdaq 100 futures experienced smaller gains of less than 0.1%. The S&P 500 and Nasdaq Composite both closed Friday with a notable six-week winning streak, achieving gains of 0.2% and 0.7% respectively. In contrast, the Dow remained relatively flat throughout the week.
During the upcoming Fed’s policy meeting on Wednesday, Chair Jerome Powell is anticipated to keep the key fed funds rate unchanged within the range of 5.25% to 5.5%, a level it has maintained since July. Market expectations, as indicated by the CME Group’s FedWatch tool, currently suggest a 45% probability of a 0.25 percentage point rate reduction by the Fed in March.
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Analyst Notes: Cryptocurrency analyst Michael Van de Poppe notes that the Altcoin market capitalization has…
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