Leading cryptocurrencies fell Monday as trading remained tepid on the Memorial Day holiday.

Bitcoin surged to an intraday high of $110,376.88 in the afternoon before dropping to a low of $107,600 overnight.

Leading cryptocurrencies fell Monday as trading remained tepid on the Memorial Day holiday.

What Happened: Bitcoin dropped to a low of $107,600 in the late hours after surging to an intraday high of $110,376.88 in the afternoon. Ethereum saw a similar dip.

The two blue-chip cryptocurrencies saw slight increases in trading volumes, at 5.47% for BTC and 3.54% for ETH.

About $190 million was liquidated from the cryptocurrency market in the last 24 hours, with $136 million in bullish bets getting wiped out.

Bitcoin’s Open Interest was largely unchanged in the last 24 hours. Over the week, though, the money locked in derivatives has risen nearly 6%.

About 58% of top trader accounts on Binance with open BTC positions were short as of this writing.

The “Greed” sentiment prevailed in the market, as indicated by the Crypto Fear and Greed Index.

Top Gainers (24-Hours)

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Global Cryptocurrency Market Cap Surpasses $3 Trillion

The global cryptocurrency market capitalization stood at $3.42 trillion, following a dip of 0.72% in the last 24 hours.

Stock Futures Rise Ahead Of Memorial Day

Stock futures continued in the green Monday overnight. The Dow Jones Industrial Average Futures rose 360 points, or 0.86%, as of 9:20 p.m. EDT.

Futures tied to the S&P 500 spiked 0.94%, while Nasdaq 100 Futures gained 1.04%. The New York Stock Exchange and the Nasdaq were closed in observance of Memorial Day. Regular trading will resume on Tuesday.

Stocks ended nearly flat on Thursday. The Dow Jones Industrial Average lost 1.35 points to end at 41,859.09. The S&P 500 dipped 0.04% to close at 5,842.01, while the tech-focused Nasdaq Composite closed 0.28% higher at 18,925.73.

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Analyst Notes: Blockchain analytics firm CryptoQuant highlighted the "deep conviction" of long-term Bitcoin holders.

"While overleveraged short-term traders were flushed out as Bitcoin's price dropped below $111,000 and $109,000, long-term holders have been quietly capitalizing on the reset," CryptoQuant said. "It's clear that long-term investors are using this period of forced selling to increase their exposure."

Cryptocurrency analyst and trader Michaël van de Poppe said ETH falling below $2,400 will provide a "tremendous" opportunity.

"Ethereum rallied from $1,800 to $2,700 in a few days. If there’s a 10-20% correction, pretty normal, great opportunity to get yourself positioned into it," Van De Poppe opined.