Bitcoin, Ethereum, XRP Slide, but Dogecoin Gains: Analyst Says 'We're Not in a Bull Market' if BTC Doesn'

Leading cryptocurrencies fell on Monday as geopolitics and elevated oil prices trimmed risk-on appetite.

Long Liquidations Spike

Bitcoin bulls awaited a breakout above $80,000, even as trading volume surged 12% over the last 24 hours.

Ethereum also recorded a spike in trading activity as the second-largest cryptocurrency challenged the resistance at $2,530. Dogecoin was the outlier, gaining 1.66% over the previous day.

Over $175 million was liquidated from the cryptocurrency market in the last 24 hours, predominantly wiping out leveraged long positions, according to Coinglass data.

Bitcoin’s open interest marginally fell over the last 24 hours. Smart money sentiment, which refers to the collective outlook  and capital allocation of institutional investors, meanwhile, was “extremely bullish.” Retail and whale derivatives traders on Binance stayed net long.

Top Gainers (24 Hours) 

The global cryptocurrency market capitalization contracted by 0.15% over the last 24 hours to $2.71 trillion.

Dow Futures Plunge

Stock futures traded mixed Monday evening. The Dow Jones Industrial Average Futures dropped 328 points, or 0.61%, as of 9:25 p.m. EDT.  Futures tied to the S&P 500 slid 0.12%. Nasdaq 100 Futures stood out, gaining 0.24%.