Leading cryptocurrencies declined alongside stocks on Monday amid a wave of sharp selling.

CryptocurrencyGains +/-Price (Recorded at 8:25 p.m. ET)Bitcoin (CRYPTO: BTC)-3.20%$91,828.39Ethereum (CRYPTO: ETH)
               -2.19%$3,031.90XRP (CRYPTO: XRP)                         -3.56%$2.15Solana (CRYPTO: SOL)                         -4.85%$131.86Dogecoin (CRYPTO: DOGE)                         -4.21%$0.1527Crypto Liquidations Surge

Bitcoin’s problems worsened as the apex cryptocurrency sank below $92,000, marking its lowest point in nearly eight months. The trading volume rose 26% in the last 24 hours, suggesting high selling interest.

Ethereum failed to hold the $3,000 support, hitting an intraday low of $2,957.31 before recovering some losses overnight. XRP and Dogecoin also recorded sharp declines.

Bitcoin and Ethereum’s market shares declined, while altcoin dominance increased to about 30%. 

Cryptocurrency liquidations topped $760 million in the last 24 hours, according to Coinglass, with  $483 million in long positions wiped out.

Bitcoin’s open interest increased 0.41% in the last 24 hours. The Long/Short ratio dropped further to 0.84, indicating that new short positions are being opened.

The “Extreme Fear” sentiment intensified, according to the Crypto Fear & Greed Index, hitting levels last seen in the last week of February.

Top Gainers (24 Hours) 

Cryptocurrency (Market Cap>$100 M)Gains +/-Price (Recorded at 8:25 p.m. ET)Internet Computer (ICP )   +17.99%$5.82Horizen (ZEN)    
               +14.45%$15.41Velo (VELO )          +13.94%$0.007210

The global cryptocurrency market capitalization stood at $3.13 trillion, decreasing by 1.81% in the last 24 hours.

Stocks End In The Red

Stocks kicked off the week on a weak note. The Dow Jones Industrial Average shed 557.24 points, or 1.18%, to end at 46,590.24. The S&P 500 fell 0.92% to finish at 6,672.41, while the tech-heavy Nasdaq Composite slid 0.84% to settle at 22,708.07

Artificial intelligence darling Nvidia Corp. (NASDAQ:NVDA) dipped 1.88%, contributing to the tech sell-off. The company is set to report its third-quarter earnings after the closing bell on Wednesday.

Investors will also watch out for September’s nonfarm payrolls numbers on Thursday, the first major economic data release since the 42-day government shutdown-induced blackout.

Don’t Expect V-Shape Recovery, Warns Analyst

Lacie Zhang, Research Analyst at Bitget Wallet, highlighted in a note to Benzinga Bitcoin’s recent “death cross,” where the 50-day short-term moving average slipped below the 200-day short-term moving average.

“In some cycles it has marked macro bottoms and strong reversals, while in deeper bear phases it has preceded continued downside,” Zhang pointed out the mixed implications.

“Short-term, we expect Bitcoin to consolidate in the $90,000–$110,000 range through November, while Ethereum trades around $3,000–$3,600,” the analyst projected.

Widely followed cryptocurrency analyst and trader Michaël van de Poppe emphasized the high volatility and predicted downsides in the first few days of the week.

“Also, given that last week was such a terrible weekly candle, it’s impossible to expect an imminent V-shape recovery after that. Things take time,” the analyst remarked.

Despite the pain, Van De Poppe declared that they won’t be selling and are prepared to be “patient.”

Photo Courtesy: Marc Bruxelle on Shutterstock.com

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