Ethereum outperformed Bitcoin over the past 24 hours, helping shares of ETH treasury company BitMine Immersion Technologies edge higher in premarket trading.
- Bitcoin traded around $78,700 on Monday, extending its retreat after climbing above $82,000 last week.
- Bitcoin’s dominance rate fell for a fifth straight day, while several altcoins posted sharp gains following Bitcoin’s August rally.
- Oil prices have climbed 9.5% this month, adding to inflation concerns and shifting expectations for the Federal Reserve’s September policy meeting.
Shares of crypto-linked large-cap stocks slipped in early trading Monday, tracking Bitcoin’s (BTC) retreat after the cryptocurrency climbed above $82,000 last week.
Bitcoin’s price was trading around $78,700, down nearly 1% in the last 24 hours. On Stocktwits, retail sentiment around the apex cryptocurrency remained in ‘neutral’ territory over the past day.
Michael Saylor-backed Strategy (MSTR), Circle (CRCL) and Coinbase (COIN) dipped in pre-market trading following the correction. MSTR stock fell more than 2%, while CRCL and COIN shares dipped around 1.5%.
Robinhood Markets (HOOD) edged higher, continuing its recent decoupling from Bitcoin’s price action. BitMine Immersion Technologies (BMNR) also gained in pre-market trading, with Ethereum (ETH) outperforming Bitcoin. HOOD’s stock gained around 0.6%, while BMNR’s stock edged 0.7% higher.
Ethereum’s price was little changed in the last 24 hours, trading just under the $2,500 mark. Retail sentiment around the leading altcoin remained in the ‘bearish’ zone.
Bitcoin Dominance Falls For Fifth Straight Day
Bitcoin’s dominance rate, which measures BTC’s share of the total cryptocurrency market capitalization, declined for a fifth consecutive trading day.
Bitcoin’s dominance rate, which measures the cryptocurrency’s share in the total market value, is down for the fifth straight day. The metric fell to 59.35% from 60.41% over the five-day period, according to TradingView data.
The decline suggests that some capital has been rotating into other cryptocurrencies following Bitcoin’s August rally, when BTC climbed rapidly from roughly $63,000 to above $80,000.
Several altcoins have posted much larger gains during the latest rotation. Dash (DASH) and Zcash (ZEC), for example, showed double-digit gains over the past week.
Oil Rally Adds To Macro Pressure On Bitcoin
Bitcoin is also facing a tougher macro backdrop, with oil prices climbing to their highest level in roughly three months. West Texas Intermediate (WTI) crude futures were trading around $94.02 in pre-market trade on Monday, the highest level since June 8. Oil prices have risen 9.5% this month, raising fresh concerns about inflation.
Arthur Hayes Sees Bitcoin Returning To Record High
According to crypto analyst Michael van de Poppe, if Bitcoin’s price loses its support at $78,000, a deeper correction towards $74,000 would “take out all the lows.”
Arthur Hayes, co-founder of the now-defunct crypto exchange BitMEX, echoed the view. According to him, Bitcoin could “maybe breach the all-time high by the end of the year.”
Hayes described Bitcoin as his preferred asset in the current macroeconomic environment. “I think Bitcoin, in this complex, is the fastest horse,” Hayes said.
However, Hayes does not expect Bitcoin to move higher in a straight line. The market could “rip,” then “chop” and potentially decline before another rally, Hayes said. That would leave room for further pullbacks even within his broader bullish outlook.
Read also: Apple’s New Foldable iPhone Could Cost $2,000, Citi Says: TSMC, Amphenol Among Stocks To Watch
For updates and corrections, email newsroom[at]stocktwits[dot]com.<