The global cryptocurrency market capitalization stands at $2.93 trillion, showing a 1.04% decrease over the last day.

The global cryptocurrency market capitalization currently stands at $2.93 trillion, showing a 1.04% decrease over the last day. Bitcoin's BTC/USD market dominance currently sits at 63.39%, reflecting a slight 0.01% daily decline.

Trading activity on crypto exchanges intensified this week with 97,249 traders liquidated for $176.13 million over 24 hours, while open interest fell 4.62% and liquidations rose 2.59%.

The Crypto Fear & Greed Index remains at a neutral reading of 54, indicating balanced market sentiment.

Traditional markets closed positively on Friday, with the Dow Jones Industrial Average, tracked by SPDR Dow Jones Industrial Average ETF DIA, gaining 0.05% to 40,113.50, the S&P 500 tracked by SPDR S&P 500 SPY rising 0.74% to 5,525.21, and the Nasdaq-100 tracked by Invesco QQQ Trust, Series 1 QQQ advancing 1.14% to 19,432.56.

Futures linked to the Dow Jones Industrial Average dropped 60 points, or 0.1%. S&P 500 futures declined by 0.2%, while Nasdaq 100 futures fell 0.2%.

Top Gainers (24-Hours)

Investors will closely monitor this week’s critical economic events, including the first estimate of the first quarter of 2025 U.S. GDP growth, which analysts expect to show significant slowing.

The jobs report, personal consumption expenditures inflation data, and the Institute for Supply Management Purchasing Managers’ Index will also be in focus.

Additionally, earnings reports from major tech companies like Apple Inc. AAPL, Microsoft Corp MSFT, Amazon.com Inc. AMZN, and Meta Platforms Inc. META could influence broader market sentiment.

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Prominent cryptocurrency analyst Willy Woo noted on X that "BTC fundamentals have turned bullish," providing a favorable environment to break all-time highs. Woo highlighted increasing capital flows into the network, with both total and speculative flows bottoming out.

"All dips are for buying under the present regime," Woo summarized, although cautioning that Bitcoin's short-term movement may be limited due to overextension.

"The bull market is definitely overextended in the ST (short term) but has plenty of room to run in the LT (long term) as long as the fundamentals continue to improve. It's still early in the bull market and we're seeing signs of strength despite recent price action. We'll see how this plays out but personally I'm optimistic."

Prominent cryptocurrency analyst Michaël van de Poppe said that altcoins are turning bullish after “the longest bear market ever,” which lasted four years.

"It feels like forever. But out of the ashes rises a new dawn.

The longest bear market ever is finally ending and a new bull market is emerging in 2024.

People keep talking about the 4-year cycles but no cycle has ever been as long as this one.

The timespan since the all-time highs of 2019 has come to an end and a new dawn is emerging.

The tide is turning slowly but surely.

The fib levels on the chart are showing some resistance but overall we're moving up nicely.

The lower timeframe is showing signs of weakness as we're getting close to the fib and encountering some resistance.

Let's see if we can continue to break through and set up some good entries on the lower time frame for a move up to the next fib level."

Highlighting the correlation between Chinese Renminbi/U.S. Dollar movements and Ethereum’s performance against Bitcoin, van de Poppe further elaborated on the macroeconomic picture influencing the cryptocurrency market.

"The narrative of 4-year cycles is interesting but ultimately, we're observing a broader macroeconomic impact.

For instance, note the strong correlation between ETH/BTC and the Chinese Renminbi/U.S. Dollar exchange rate. This interdependence is noteworthy. As the Chinese Renminbi appreciates against the U.S. Dollar, we typically see Ethereum gaining strength relative to Bitcoin. Conversely, when the U.S. Dollar rallies, we usually witness a decline in ETH/BTC.

This correlation is significant because it hints at a broader macroeconomic picture influencing the cryptocurrency market. It appears that changes in fiat currency exchange rates and broader economic trends might exert a stronger influence than traditional cryptocurrency cycles, at least in the short to mid-term.

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