Leading cryptocurrencies slipped in overnight trading on Sunday after Bitcoin recorded its first-ever weekly close above $100,000.

What Happened: The world’s largest cryptocurrency rallied sharply during the evening, pushing above $101,000 before plunging below $100,000 overnight. 

Ethereum also touched $4,000 before making a U-turn toward the $3,900 zone.

Bitcoin and Ethereum recorded declines in their market dominance, with the apex cryptocurrency's share dropping by as much as 4.45% in the last 24 hours. 

Cryptocurrency liquidations exceeded $222 million in the last 24 hours, with $149 million in leveraged long bets getting erased.

Bitcoin's Open Interest (OI) rose marginally by 0.26%. An increase in OI, coming alongside a fall in spot price, could indicate the addition of more short positions, typically seen as a bearish signal.

Indeed, the number of traders betting against Bitcoin surged as the Long/Short Ratio dipped from above 1 to 0.82 in the last 24 hours.

The market sentiment remained in the "Extreme Greed" region, per the Cryptocurrency Fear & Greed Index.

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $3.69 trillion, following a marginal increase of 0.88% in the last 24 hours.

Stock futures were flat Sunday overnight. The Dow Jones Industrial Average Futures was down 2 points at 7:50 a.m.  Futures tied to the S&P 500 dipped 25 points, while the Nasdaq 100 Futures slid just 0.03%.

Major averages like the S&P 500 and the Nasdaq Composite recorded winning runs last week, gaining 0.83% and 2.59%, respectively, bolstered by a stronger-than-expected rebound in employment data for November.

This week, investors will stay focused on the November consumer price index data, slated for release on Wednesday.

See More: Best Cryptocurrency Scanners

Analyst Notes: Well-known cryptocurrency analyst Rekt Capital highlighted a "momentous" occasion for Bitcoin as it recorded its first-ever weekly close above $100,000.

Van de Poppe urged his followers to hold on to their positions and buy dips.

Widely followed cryptocurrency analyst Mikybull Crypto noted Ethereum's upside breakout from a months-long range, predicting a move to $6,000 before a potential retest.

"The next phase of #ALTSEASON will follow afterward," the analyst remarked.

Photo by Avi Rozen on Shutterstock

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