XRP and DOGE led large-cap tokens higher ahead of new Grayscale ETFs expected to launch later in the day.
- The crypto market was recuperating on hopes that macroeconomic data releases later this week may provide a catalyst for the Federal Reserve to cut interest rates in December.
- BTC open interest posted the sharpest 30-day decline of the cycle, a development CryptoQuant says has historically accompanied market-clearing phases.
- Ethereum posted the largest decline among major tokens, edging 0.4% lower, with sentiment on Stocktwits trending ‘bearish.’
Bitcoin (BTC) held steady at $86,000 in early morning trade on Monday, while the overall cryptocurrency market climbed back above the $3 trillion mark.
Markets were more hopeful that the Federal Reserve may cut rates in December, with fresh macroeconomic data scheduled for Thursday. The CME Fed Watch Tool showed a 75% probability of a 25-basis-point cut in December as of Monday morning.
Bitcoin’s price edged 0.2% higher in the last 24 hours. On Stocktwits, retail sentiment around the apex cryptocurrency improved to ‘neutral’ from ‘bearish’ territory over the past day, while chatter remained at ‘high’ levels.
According to an analyst at CryptoQuant, open interest in Bitcoin has seen the sharpest 30-day drop of the cycle. “These cleansing phases have often been essential to forming a solid bottom and setting the stage for a renewed bullish trend,” they said. CoinGlass data showed that liquidations had simmered down to around $220 million in the last 24 hours, after more than $2 billion were wiped out last week in one of the largest single-day liquidations seen this year.
XRP, DOGE Lead Gains
Ripple’s XRP (XRP) led gains among major tokens in early morning trade. XRP’s price rose 1.4% in the last 24 hours, trading at around $2.06. Retail sentiment around the token on Stocktwits trended ‘bullish,’ with ‘high’ levels of chatter.
Dogecoin (DOGE) followed, moving 1.1% higher in the last 24 hours. However, retail sentiment around the meme coin dipped to ‘bearish’ from ‘neutral’ territory over the past day as chatter rose to ‘high’ from ‘normal’ levels.
Trading in XRP and DOGE comes ahead of two new listings on Monday: the Grayscale Dogecoin ETF (GDOG) on the New York Stock Exchange and the firm’s XRP spot product.
Ethereum, Solana Continue To Lag
Ethereum (ETH) led losses among major tokens. Ethereum’s price edged 0.4% lower in early morning trade, trading at around $2,797. Retail sentiment around the leading altcoin trended in ‘bearish’ territory over the past day, accompanied by chatter at ‘high’ levels.
Solana (SOL) fell 0.2% in the last 24 hours. Solana’s price was trading around $129 in early morning trade. On Stocktwits, retail sentiment around the token was in ‘extremely bearish’ territory, with chatter at ‘normal’ levels over the past day.
Market Sees Hope
A record U.S. government shutdown that ended earlier this month has complicated the outlook for the Fed’s monetary policy. The U.S. Bureau of Labor Statistics (BLS) said on Friday it had cancelled the release of October’s consumer price report because the shutdown had prevented data collection. Traders are now watching for U.S. retail sales and producer price figures later this week for clues on inflation and demand.
Read also: Pony AI Stock Rises Pre-Market On Securing Funding From Sunlight Mobility To Scale Robotaxis
For updates and corrections, email newsroom[at]stocktwits[dot]com.<