Leading cryptocurrencies reversed course on Monday, giving up gains achieved the previous day.

What Happened: Bitcoin made a steady descent below $63,000, a day after spiking to $64,600 on pro-cryptocurrency comments by Democratic presidential candidate Kamala Harris.

Ethereum also started going downhill after the market close, settling around the low $2,600 region.

Interestingly, a sharp disparity emerged between the two top currencies’ weekly performance and their year-to-date returns. Ethereum, being a laggard in comparison to Bitcoin this year, outperformed King Crypto over the week.

This potentially signaled a capital rotation away from the leading currency to other coins, following the Federal Reserve’s aggressive 50 basis point rate cut.

Total cryptocurrency liquidations exceeded $124 million in the last 24 hours, with bearish bets accounting for $67 million.

Bitcoin’s funding rate on major cryptocurrency exchanges like Binance continued to be positive, indicating the dominance of bullish traders. The Open Interest in Bitcoin futures fell marginally by 0.25% in the last 24 hours.

The market sentiment remained “Neutral,” according to the popular Cryptocurrency Fear & Greed Index, signaling a balance between market forces.

Top Gainers (24-Hours)

The global cryptocurrency market stood at $2.22 trillion, following a marginal contraction of 0.05% in the last 24 hours.

Stocks climbed to fresh highs Monday. The Dow Jones Industrial Average lifted 61.29 points, or 0.15%, to close at 42,124.65, while the broad-based index  S&P 500 inched 0.28% higher to end at 5,718.57, both clocking record numbers. The tech-focused Nasdaq Composite gained 0.14% to close at 17,974.27.

Investors weighed the weak manufacturing sector data, which showed output levels hitting their lowest since December 2023.

Market participants would be on the lookout for more such macroeconomic data, including the weekly jobless claims, expected to be released Thursday, to assess the Federal Reserve’s goal of soft landing.

See More: Best Cryptocurrency Scanners

Analyst Notes: Popular cryptocurrency analyst Rekt Capital stated that Bitcoin has historically broken out of its reaccumulation range between 154 and 161 days after halving.

“It is 157 days after the halving now. History suggests it is “Breakout Time” for Bitcoin,” the analyst remarked.

Another widely-followed analyst going by the pseudonym Wolf said that Ethereum’s dips below $2,300 were “prime buying zones” and now he expects a strong upside in the days ahead.

While the analyst expects Ethereum bulls to give the second-largest cryptocurrency a “strong push” in the coming days, here is a look at how the two cryptocurrencies have performed since the year started and over the last seven days.

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