Bitcoin, Ethereum, Dogecoin Gain Momentum As Fresh Trading Week Starts: Analyst Says Altcoin Market 'Bottoming Out,' Eyes $70K For BTC This Week

Major coins were seen trading higher on Sunday evening as the global cryptocurrency market cap rose 4.2% to $2.55 trillion.

What Happened: The surge in the prices of major coins was in contrast with other risk assets like equities which declined in pre-market trading at the time of writing.

CryptocurrencyGains +/-Price (Recorded at 11:09 p.m. EDT)
Bitcoin BTC/USD4.6%$67,001.56
Ethereum ETH/USD3.8%$3,443.79
Dogecoin DOGE/USD1.8%$0.165

Investor sentiment in the cryptocurrency market was primarily characterized by “Greed” as the new trading week commenced. Although the Crypto Fear and Greed Index showed “Extreme Greed” last week, the sentiment had moderated by the time of this writing.

Top Gainer (24-Hours)

CryptocurrencyGains +/-Price (Recorded at 11:09 p.m. EDT)
Ondo (ONDO)+31.8%$0.944
Internet Computer (ICP)+22.7%$16.85
dogwifhat (WIF)+21.5%$2.8

See Also: Ripple CEO Says SEC May ‘Lose The War’ Against Ethereum Just Like They Did Against XRP: ‘They’re Now Fighting Fellow Regulators’

Analyst Takes

Cryptocurrency analyst Michaël van de Poppe said on Sunday that while looking at weekly candles across the market it is apparent that we are "relatively bottoming" out for most Altcoins. On Bitcoin, he said that it is likely that the apex cryptocurrency will test the $70,000 level in the upcoming week.

Over the weekend, cryptocurrency analyst Ali Martinez said that Bitcoin had witnessed its biggest surge in dormant tokens changing hands over more than two years which signals a "potential increase in price volatility ahead."

Read Next: Milli Skyrockets 80% After MEXC Crypto Exchange Listing, Leaving BONK, Dogecoin, Shiba Inu In The Dust

Image via Shutterstock

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