Bitcoin’s price briefly crossed $70,000 before retreating below $69,000 late Monday.
- Ethereum’s price also failed to sustain its move above $2,000, though several major altcoins posted modest gains.
- Traders are now focused on the Fed’s January meeting minutes and the upcoming core PCE inflation report this week.
- Dogecoin’s price fell despite other crypto majors posting gains, while Cardano, Binance, and Tron led gains.
Bitcoin’s (BTC) brief rebound fizzled out on Monday night, with the apex cryptocurrency falling back below $69,000 after a short move above the $70,000 level.
Ethereum (ETH) followed a similar path, slipping under $2,000 after sparking tentative optimism about a sustained breakout as other major tokens also gave up earlier gains.
The reversal follows softer U.S. inflation data last week, with consumer price growth easing to 2.4% year over year in January, down from 2.7% in December, according to official figures. Analysts were expecting it to be around 2.5%.
In the coming week, crypto traders will be eyeing minutes from the Fed’s January meeting and the release of the core personal consumption expenditures price index (PCE), the central bank’s preferred inflation measure, for more signals on the monetary policy outlook.
Meme Token Underperforms Bitcoin
While other crypto majors outperformed Bitcoin, Dogecoin (DOGE) was down on Monday night. Dogecoin’s price fell 2.1% in the last 24 hours to around $0.1005. However, retail sentiment around the meme token was trending in ‘bullish’ territory on Stocktwits, and chatter remained at ‘extremely high’ levels over the past day.
Bitcoin’s price was trading at around $68,600, paring gains from an intraday high of $70,000, according to CoinGecko data, edging 0.3% lower in the last 24 hours. On Stocktwits, retail sentiment around the cryptocurrency moved to ‘neutral’ from ‘bearish’ over the past day, but chatter remained subdued at ‘low’ levels.
Cardano, Altcoins Lead Gains Among Crypto Majors
Cardano (ADA), Binance Coin (BNB), and Tron (TRX) led gains on Monday night – all up three over 1.5% higher in the last 24 hours.
ADA’s price topped with gains of 2.2% and has risen nearly 7% over the past week, after founder Charles Hoskinson announced a deal to get Cathie Wood-backed LayerZero (ZRO) ported over to the Cardano blockchain at Consensus Hong Kong.
He also shared that Midnight, a long-anticipated, privacy-focused blockchain project, will go live in the final week of March as a partner chain on Cardano. Retail sentiment around Cardano on Stocktwits remained in ‘bullish’ territory over the past day, with chatter at ‘normal’ levels.
One user noted that major altcoins, including Cardano, closed last week in the green, rebounding from five straight weeks in the red.
Ethereum Can’t Stay Above $2,000
Ethereum (ETH), Solana (SOL), and Ripple’s XRP (XRP) also outperformed Bitcoin – up by at least 1% in the last 24 hours. Ethereum’s price briefly crossed the $2,000 barrier, but was unable to maintain gains. It’s currently trading at around $1,989, still up 1.3% in the last 24 hours. On Stocktwits, retail sentiment around the leading altcoin remained in ‘bearish’ territory over the past day.
The overall cryptocurrency market was flat over the last 24 hours. CoinGlass data showed just $220 million in liquidations, a little heavier on the longs after Bitcoin’s temporary jump.
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