Major coins, including Bitcoin BTC/USD, showed strength Sunday evening as the global cryptocurrency market cap rose 3.65% to $2.56 trillion.
What Happened: BTC traded 4.47% higher $57,218.96 over 24 hours. For the week, it has fallen 1.95%.
The second-largest coin by market cap, Ethereum ETH/USD, traded 4.82% higher at $4,289.99 over 24 hours. Over a seven-day period, it has risen 1.29%.
Dogecoin DOGE/USD was up 0.96% at $0.2066 over 24 hours. For the week, it has fallen 7.9%.
Rival meme coin Shiba Inu was largely flat, trading 0.04% higher over 24 hours at $0.00003897. For the week, it has declined 11.04%.
The top 24-hour gainers on Sunday evening, as per CoinMarketCap data were The Sandbox, Terra, and Wax, among the top 100 coins. Sandbox spiked 15.47% higher to $7.52, Terra rose 14.97% to $50.13 and Wax was up 10.79% to $0.7824.
See Also: How To Buy Bitcoin (BTC)
Why It Matters: Fears over the COVID-19 variant Omicron plummeted risk assets including the apex coin on Friday.
“We'll no doubt learn more in the days and weeks ahead but for now, fear of the unknown will weigh heavily going into the weekend and could carry over into next week,” wrote Craig Erlam, a senior market analyst for OANDA.
Alternative’s “Crypto Fear & Greed Index” signaled “Fear” at press time. Last week, the index was at “Neutral.”
BTC touched an intraday low of $53,576.74 and rebounded nearly 8% from those levels at press time. A similar story was repeated in ETH, which fell below the psychologically important $4,000 mark to $3,989.97 in intraday trading and rebounded smartly by nearly 9% after Asia awakened to a new trading week.
Cryptocurrency Twitter was quick to take note of both the dip in the digital assets and their rebound.
Alex Mashinsky, CEO of Celsius Network said he purchased nearly $10 million worth of BTC and ETH on Sunday. He said that BTC might retest $53K levels, while ETH may see $4K as “short term bottoms.”
On Sunday, MicroStrategy Inc MSTR CEO Michael Saylor said in a tweet that the future “does not belong to the fainthearted.” He included the hashtag “Bitcoin” in his post.
Among the dip buyers on Sunday was the nation of El Salvador, which purchased an additional 100 BTC, as per its President Nayib Bukele.
Cryptocurrency YouTuber MMCrypto noted the upswing in the apex coin.
Meanwhile, Dune Analytics data indicates that Ethereum Decentralized Finance or DeFi user base has swelled beyond the 4 million mark. It is noteworthy that one user can have multiple addresses.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month