The two-largest coins by market capitalization were subdued on Sunday evening as the global cryptocurrency market cap inched down 0.1% to $835.1 billion.
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Why It Matters: Despite Bitcoin and Ethereum trading in the red, Dogecoin spiked ahead of a fresh trading week.
The meme cryptocurrency has gained 27.3% over a seven-day period. The coin touched an intraday high of $0.1064 on Sunday with 24-hour trading volumes soaring 183.5% to $2.13 billion, according to CoinMarketCap data.
Chartist Ali Martinez noted that the pullback in DOGE did not take it to the 0.082 levels as anticipated. Martinez said DOGE “break above $0.096 presented a great long opportunity to $0.11.”
Gokhshtein Media CEO David Gokhshtein said on Twitter that he feels that Ethereum co-creator Vitalik Buterin and Twitter CEO Elon Musk are “working together” to “somehow” upgrade $DOGE.
Major coins were depressed along with stocks, which dropped as the holiday weekend drew to a close at the time of writing. The S&P 500 and Nasdaq futures were down 0.6% and 0.8%, respectively.
Investor sentiment has notched up since the last week, according to Alternative.Me’s “Crypto Fear & Greed Index.” Last week the Index flashed “Extreme Fear” while at the time of writing it was at “Fear.”
Cycle trader and Founder of Bitcoin Live — Bob Loukas — said Sunday that Bitcoin has “either found it's bear market (4yr Cycle Low) with this Nov low....or will do so on the next 60-day Cycle low, around the Jan 5th timeframe.”
“Given the contagion and loss of trust with recent events, leaning towards the early Jan lows. Structurally been a perfect cycle.”
#bitcoin either found it's bear market (4yr Cycle Low) with this Nov low....or will do so on the next 60-day Cycle low, around the Jan 5th timeframe.— Bob Loukas (@BobLoukas) November 27, 2022
Given the contagion and loss of trust with recent events, leaning towards the early Jan lows. Structurally been a perfect cycle. pic.twitter.com/cnjRGjJcH4
In the wake of the bankruptcy of FTX and Alameda Research, which unleashed the latest cryptocurrency crash, only 6.95% of Bitcoin is “sitting on exchanges,” according to Santiment.
“There had already been a gradual shift in $BTC moving into self custody going back to [BlackThursday] (Mar 2020). But with the [FTX] fallout, this trend has accelerated,” the market intelligence platform said.
Just 6.95% of #Bitcoin is sitting on exchanges, according to @santimentfeed data. There had already been a gradual shift in $BTC moving into self custody going back to #BlackThursday (Mar 2020). But with the #FTX fallout, this trend has accelerated. https://t.co/vmWnGNNw7W pic.twitter.com/hBkqmqxrIC— Santiment (@santimentfeed) November 26, 2022
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