Bitcoin Gains After Strategy Resumes Buying: Ethereum, XRP, Dogecoin Also Rally: Analyst Sees 'Very Long

Leading cryptocurrencies rose on Monday as investors increased risk appetite, spurred by whale investors’ purchases.

Crypto Market Rallies

Bitcoin rose to an intraday high of $79,247, supported by a 43% jump in trading volume.  Ethereum, XRP and Dogecoin also traded in the green.

The spike followed Strategy Inc.’s (NASDAQ:MSTR) purchase of $370 million worth of Bitcoin, which ended a two-month buying drought.

The apex cryptocurrency was on track to deliver its third-strongest August performance, posting gains of 24.82% as of this writing.

Over $150 million was liquidated from the cryptocurrency market in the last 24 hours, with $100 million in bearish shorts alone wiped out, according to Coinglass data.

Bitcoin’s open interest spiked 2.60% over the last 24 hours after the spot price rose. Binance Long Traders, i.e, the top 20% of users with the highest margin balance, remained net long, though their long exposure declined sharply over the past few days.

Top Gainers (24 Hours) 

The global cryptocurrency market capitalization stood at $2.65 trillion, increasing by 1.05% from the previous day.

Stocks in Red After Iran Tensions

Stocks opened the new trading week lower. The Dow Jones Industrial Average fell 374.09 points, or 0.7%, to end at 53,185.9. The S&P 500 slid 0.33% to close at 7,686.14, while the Nasdaq Composite ended 0.12% lower at 26,370.89.