Dogecoin Leads Major-Crypto Pack, Bitcoin Faces Profit-Taking Test And Ethereum Sits On The Sideline

Dogecoin DOGE/USD was the leading gainer among major coins on Monday night as the global cryptocurrency market capitalization fell 0.24% to $2.48 trillion.

What Happened: The Shiba Inu-themed coin traded higher by 4.06% at $0.25 over 24 hours. Over a seven-day trailing period, DOGE has run up 7.58%.

The apex cryptocurrency, Bitcoin BTC/USD, traded marginally higher by 0.31% at $61,143.81 over 24 hours. For the week, BTC has appreciated 9.18%.

Ethereum ETH/USD fell 2.57% over 24 hours to $3,763.35. Over a seven-day period, ETH has risen 7.71%.

On Monday, the top 24-hour gainer was Stacks, as per CoinMarketCap data. STX soared 14.66% to $2.59 in the period. 

Over the week, the coin associated with a project bringing Decentralized Finance or DeFi to Bitcoin’s blockchain has shot up 34.74%.

STX rose 14% and 18.01% against BTC and ETH over 24 hours.

See Also: How To Buy Stacks (STX)

Why It Matters: Last week was one of the “most decisive uptrends” since January for BTC, as per Delphi Digital, an independent research company.

BTC ended the week at $63,000 on Sunday, exceeding the weekly close on April 6 when it had closed at $61,500.

“BTC just recorded its highest weekly close on record last week; let’s let that sink in,” Delphi Digital wrote in an emailed note.

Currently, the apex coin is trading 4.3% below the $64,863.10 all-time high it reached on April 14.

The current exuberance is due to the approval of the ProShares Bitcoin Strategy ETF by the U.S. Securities and Exchange Commission, which is due to go live on Tuesday. 

The overheated futures market is causing some alarm, with open interest in BTC futures near an all-time high.

FTX, Binance, Bitfinex, and the Chicago Mercantile Exchange have all hit their respective highest level of BTC futures open interest in the last few days, noted Delphi Digital.

Meanwhile, the majority of long-term holders of Bitcoin are now sitting on profits, as per a Glassnode blog.

“As the market pushes towards the ATH [all time high], and investors hold increasingly large [unrealized] profits, the incentive to sell is growing,” the blockchain data and intelligence provider noted.

Glassnode noted that there is a “slight softening” of LTH net position change metric, which indicates that spending by such investors is occurring as prices reach above $60,000.

Read Next: Why 'The Big Short' Investor Michael Burry Is Not Short Bitcoin

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