Bitcoin, Ethereum, Dogecoin Trade Lower As Investors Remain Gripped By 'Extreme Greed': Analyst Says King Crypto's Dominance Intact As It Hovers Near All-Time Highs

Major coins like Bitcoin and Ethereum traded lower on Sunday evening as the global cryptocurrency market cap slipped 1.3% to $2.58 trillion.

What Happened: The decline in cryptocurrency prices was mirrored in other risk assets as stock futures fell slightly just ahead of a fresh trading week.

Santiment, a market intelligence platform, noted that returns from Bitcoin and Ethereum outpaced those from S&P 500 this week. 

Market sentiment was marked by "Extreme Greed," according to the "Crypto Fear & Greed Index." It is important to note that Bitcoin hit an all-time high of $69,170.63 last Tuesday.

The index has remained unchanged at 82 compared with the last week. A value of 100 on the index represents "Extreme Greed" while 0 indicates "Extreme Fear."

"Historically, [Cryptocurrency] markets see sustained [bull markets] with little to no correlation with [equities], so traders are hopeful this trend continues," said Santiment on X, formerly Twitter.

Investors will be on the lookout for Core CPI figures, due on Tuesday — these numbers could be a harbinger of what direction the interest rates take.

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See Also: Is ‘Dogecoin Killer’ Shiba Inu Headed For Another 40% Surge? Crypto Analyst Predicts ‘Bullish Breakout’ For SHIB Under These Conditions

Analyst Takes: Cryptocurrency analyst Michaël van de Poppe noted that Bitcoin dominance is "still on track" even as Bitcoin halving draws closer.

Bitcoin dominance was noted above 51% at the time of writing, according to data from Coinmarketcap.

Bitcoin Dominance Chart — Courtesy CoinMarketCap

He said in a separate post on X that Altcoins are "lagging behind" and their market cap still needs to gain 70% to get toward the highs seen in the previous cycle.

Meanwhile, Coinglass, a cryptocurrency futures trading and information platform, noted that CME BTC Futures Open Interest has exceeded the $10 billion mark for the first time and hit a new "all-time high." It should be noted that a rise in open interest is an indicator of fresh money coming into the market for a particular option.

Photo by Igor Faun on Shutterstock

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