CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
US English

Crypto news: SHIB, ETH rally in market rebound

By Daniela Ešnerová


Updated

ETH, BTC and DOGE coins against a background with a chart representing market movements.
Bitcoin (BTC) and altcoins rallied over the weekend – Photo: Shutterstock

After a jubilant weekend, bitcoin (BTC) was attacking $43,000 in London morning trading, signalling bulls may currently have the upper hand in the market’s recent tug-of-war.

BTC is now up 29% from its 24 January 2022 low, but it is still some 8% below its January open, and 38% below its all-time high recorded in November.

After weeks of debates whether the market is in correction or full-blown bear mode, BTC bulls are hoping that the weekend rally signed a reversal of the sentiment for the market.

Some market watchers looked to SuperTrend, a technical indicator that tracks price trends and gives buy and sell signals. “3-Day Supertrend is one of the key indicators I am waiting to flip bullish (green) to further confirm a bullish trend reversal. BTC currently needs to close a 3-Day candle above $48.8k to flash bullish,” wrote analyst Matthew Hyland on Twitter.

Meanwhile, cryptocurrency analytics firm Santiment wrote on Twitter:

The whole market rallied to around $2trn, according to CoinMarketCap, or $2.05trn according CoinGecko

  • ETH reclaims $3,000

Ether (ETH) got above $3,000 on Friday for the first time since 21 January 2022. The amount of unique ETH addresses transacting has hit a two-month high, according to Santiment.

Ethereum’s co-founder Vitalik Buterin took to Reddit on Sunday to share are his post ‘Why wouldn’t Proof of Stake drastically reduce block times vs. Proof of Work?’. This follows Buterin confirming that he is helping Dogecoin Foundation to move DOGE to a Proof-of-Stake network.

BCH/USD

381.90 Price
+1.150% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.50

DOGE/USD

0.12 Price
-3.360% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

ETH/USD

3,407.71 Price
-0.240% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

BTC/USD

63,634.40 Price
-1.340% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

In an interview with FTX’s UpOnly, Buterin said: “Every major cryptocurrency except for one has an active plan to switch to Proof-of-Stake. I guess the arguments will be even easier to make once you know Ethereum is Proof-of-Stake and once you know Dogecoin’s plans are further along and Zcash plans are further along.”

A chart representing ether (ETH) price. Ether (ETH) has swung back above $3,000 mark in the latest rally – Credit: TradingView
  • Altcoin season

Shiba inu (SHIB) benefitted from the latest rally. After spiking 23.45% in just 24 hours, SHIB is the biggest daily gainer from the 50 biggest cryptocurrencies by market capitalisation. Its rival, dogecoin (DOGE) added 5.74% over the same period.

Cryptocurrency analytics firm Santiment called the state of the market “altcoin resurgence” after it spotted that around 10 coins have seen the number of daily active addresses double in 24 hours. Daily active addresses (DAA) quantify a number of unique addresses sending or receiving tokens on a network. Bitru coin (BTR) and guildfi (GF) saw their DAA jump 213% and 133% respectively over the last 24 hours, with streamr (DATA) recording a 2,000% hike.

Quote of the day

The founder and CEO of digital media company Barstool Sports, Dave Portnoy, disclosed in a recent interview with Fox Business: 

What is your sentiment on DOGE/USD?

0.1193721
Bullish
or
Bearish
Vote to see Traders sentiment!
“I bought 29 bitcoins. I’ve been in and out of bitcoin. I bought it when it was $11,000. I sold it the next day. I got mocked across the internet for doing that. People called me ‘paper hands.’ I was waiting for my re-entry point. Fool me once, shame on you. Fool me twice, shame on me. I’m in for the long haul.”

Top coins by market capitalisation

As of 07:30 GMT: 

Winners and losers

  • Shiba inu (SHIB) added 23.45% in the last 24 hours and 34.74% over the last week
  • Gala (GALA) lead the chart of the top 50 virtual token weekly gains; GALA jumped a whopping 85.15% in just seven days
  • None of the 50 main cryptocurrencies were trading in red in London morning trade.

Markets in this article

BNB/USD
Binance Coin / USD
574.23 USD
-2.88 -0.500%
BNB/USD
Binance Coin / USD
574.23 USD
-2.88 -0.500%
BTC/USD
Bitcoin / USD
63634.40 USD
-864.65 -1.340%
ETH/USD
Ethereum / USD
3407.71 USD
-8.05 -0.240%
SHIB/USD
Shiba Inu / USD
0.00001798 USD
-0.00000144 -7.680%

Rate this article

Related reading

Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

Still looking for a broker you can trust?

Join the 630,000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading