Major coins were trading higher on Sunday night as global Cryptocurrency Market capitalization rose 1.4% to $859.2 billion at 7:18 pm ET.
|dogecoin Doge/US Dollar||3%||4.9%||$0.10|
|Cryptocurrency||24 hour rate of change (+/-)||price|
|Ethereum PoW (ETHW)||+6.4%||$4.03|
|Immutable X (IMX)||+6.7%||$0.51|
Related item: How to Invest in Decentralized Finance or DeFi
Important reasons: Bitcoin and Ethereum rallied as the weekend drew to a close, even as US stock futures opened broadly flat. S&P futures remained unchanged and Nasdaq futures fell 0.2% at the time of writing.
Investors are looking forward to November ISM service data, expected Monday morning EST.
Investor sentiment was little changed into the new trading week. Alternative.Me’s “Crypto Fear & Greed Index” showed “Fear” at the time of writing, and his Index last week was also “Fear.”
Michael van de Poppe He noted that some so-called altcoins are on the rise.trader pointed out phantom (FTM), avalanche (AVAX), and Polka dot (DOT) is an example of a coin that has become “pretty good looking”.
FTM jumped 28.2%, AVAX was up 7.3% and DOT was up 6.2% in 7 days.
“Slowly but surely, [altcoins] are demonstrating their power, especially [Decentralized Finance or DeFi] I’m awake,” Van de Poppe said in another tweet.
Meanwhile, on the vertex coin side, CryptoQuant analyst Jan Wüstenfeld Monetary policy “became bitcoin-relevant” after this cycle, he said.
“The last few years have seen more widespread adoption of Bitcoin. It has become more connected to the financial markets and is no longer driven solely by private investment.”
Wüstenfeld said the latest price move has led multiple parties to once again declare that “Bitcoin is dead”, but given the financial climate, he said, “Will the Federal Funds rate continue to rise indefinitely? Or should it eventually go down? That’s where your answer lies.”
last Federal Open Market Committee This year’s (FOMC) meeting is scheduled for next week. At the time of writing, the CME’s Fed Watch tool showed a 78.2% chance of a 50 basis point rate hike.
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