Bitcoin Hovers Near $80,000, Ethereum, XRP Spike, but Dogecoin Slips As Crypto Rally Gains Steam: Analyst

Leading cryptocurrencies and adjacent equities climbed on Monday as sustained demand continued to drive the ongoing rally.

Crypto Market Ascends

Bitcoin came close to breaking above $80,000 as strong buying continued to fuel its rally. Trading volume jumped 78% over the last 24 hours.

Ethereum rose to its highest level in almost seven months, trading between $2,425 and $2,530. Dogecoin was the outlier, falling 0.57% in the last 24 hours.

Cryptocurrency-related stocks also lifted, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing up 2.83% and 5.74%, respectively. 

Over $420 million was liquidated from the cryptocurrency market in the last 24 hours, nearly evenly split between long and short positions, according to Coinglass data.

Bitcoin’s open interest fell 1.21% over the last 24 hours. Smart money sentiment, which refers to the collective outlook  and capital allocation of institutional investors, turned "extremely bullish."

Top Gainers (24 Hours) 

The global cryptocurrency market capitalization stood at $2.68 trillion, following an increase of 2.36% over the last 24 hours.

S&P 500 Closes in the Red

Major indexes started the new trading week lower.  The S&P 500 slid 0.28% to close at 7,652.86, while the tech-focused Nasdaq Composite declined 0.76% to end at 25,980.19.