Leading cryptocurrencies soared on Monday, coinciding with a robust bounce in the stock market. What Happened: Bitcoin ascended to a high of 57,884 by evening, before profit-taking pulled it back to the $56,000 region. The digital coin regained its losses from Friday’s sharp fall, which took it below $53,000. Ethereum's rally was subdued in comparison, as the world's second-largest cryptocurrency failed to move above $2,400. More than $128 million was liquidated from the cryptocurrency market in the last 24 hours, with short liquidations accounting for 72%.  Bitcoin's Open Interest soared 3.28% in the past 24 hours. A jump in OI, coinciding with a jump in price, indicated an influx of fresh money into the derivatives market. The market's sentiment remained in "Fear" category, according to the Cryptocurrency Fear & Greed Index, implying significant FUD in the market. Top Gainers (24-Hours) The global cryptocurrency market stood at $2.01 trillion, following a jump of 2.80% in the last 24 hours. Stocks staged a sharp recovery following last week's meltdown. The Dow Jones Industrial Average rose 484.18 points, or 1.20%, to close at 40,829.59. The S&P 500 jumped 1.16% to end at 5,471.05, while the tech-heavy  Nasdaq Composite also gained 1.16% to finish at 16,884.60. Gains made by Nvidia Corp. NVDA helped power the rebound. The AI behemoth rallied 3.54%, erasing some of the losses from last week. Investors awaited the release of August's consumer and producer price index reports, slated for later in the week, to gather more cues on the interest rate cut decision at the FOMC meeting next week. See More: Best Cryptocurrency Scanners Analyst Notes: According to popular cryptocurrency analytics firm Santiment, sentiment for Bitcoin continued to be negative despite the latest uptick. The leading cryptocurrency's Friday dip led to a jump in shorts, and liquidations spurred a mini rally. "Trader FUD and doubt in this rally will only fuel prices higher," Santiment remarked. Widely followed cryptocurrency analyst Rekt Capital used historical data to forecast when Bitcoin will hit its next bull market peak. Combining the time taken by King Crypto after halving to peak in the last two cycles of 2015-17 and 2019-21, the analyst predicted a peak around 518-546 days from the halving in the current cycle, which would be around mid-September or mid-October 2025. Read Next:    

Biden And Trump Debate Had 0 Mention Of Bitcoin, What Are The Odds Kamala Harris And Ex-President Will End Up Discussing Crypto?

20-Year Pro Trader Reveals His “MoneyLine” — Simple Trades A simple line tells you when to buy and when to sell that’s helped Nic win 83% of his trades. Click here for access.

Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.