Leading cryptocurrencies declined overnight on Sunday, erasing the gains made earlier in the week.
Cryptos End November Lower
Bitcoin caught the Monday blues, dropping to $87,000 overnight after holding steady through the weekend. Curiously, the decline came after a brief morning move past $91,000.
The sharp decline sent ripples through the rest of the market, as Ethereum also descended from $3,000 to the mid-$2,800s.
Bitcoin and Ethereum were both poised to close November with declines, falling 17.49% and 22.38%, respectively, marking a stark reversal compared to the strong gains in November 2024 and 2023.
Cryptocurrency liquidations hit $539 million in the last 24 hours, according to Coinglass, with $473 million in long positions alone wiped out.
Bitcoin’s open interest fell by 1.77% over the last 24 hours and by 3.3% over the week. Meanwhile, three out of every four Binance traders with open Bitcoin positions were long on the asset.
The “Extreme Fear” sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $2.99 trillion, following a decline of 3.28% in the last 24 hours.
Stocks Futures Dip
Stock futures fell on Sunday evening. The Dow Jones Industrial Average Futures dropped 133 points, or 0.28%, as of 7:48 p.m. EDT. Futures tied to the S&P 500 sank 0.44%, while Nasdaq 100 Futures lost 0.62%.
The S&P 500 and the Nasdaq Composite registered gains of 3.7% and 3.1%, respectively, over the holiday-shortened week, fueled by growing expectations of a rate cut in December.
Bitcoin Ready To Reclaim $100,000?
Widely followed cryptocurrency analyst and trader Michaël van de Poppe described the brief Sunday uptick in Bitcoin as “fake.”
“However, I do expect the breakout upwards to happen in the coming 1-2 weeks as we’re on the edge of reversing back upwards. $100,000 in December,” the analyst stated.
Meanwhile, Ali Martinez, another well-known cryptocurrency commentator, saw Bitcoin’s “potential bottom” at $45,880, according to the Cumulative Value Days Destroyed indicator.
The metric tracks the selling activity of long-term holders, including how many BTC are moved, and how long those coins were held before moving, helping identify market tops and bottoms.
Photo Courtesy: Alexandru Nika on Shutterstock.com
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