Dogecoin (CRYPTO: DOGE) soared along with major cryptocurrencies on Monday night as the global cryptocurrency marketcap rose 5.49% to $1.85 trillion.
What Happened: The Shiba Inu-themed coin rose 9.54% to $0.25 over 24 hours and 24.06% over seven days at press time.
The apex cryptocurrency, Bitcoin (CRYPTO: BTC) rose 6.23% to $45,804.62 over 24 hours. For the week BTC rose 15.51%.
Ethereum (CRYPTO: ETH) was up 5.71% at $3,109.32 over 24 hours. The second-largest cryptocurrency by marketcap spiked 18.74% over seven days.
The token of a peer-to-peer network with the aim to implement a specific use case blockchain, Ravencoin (CRYPTO: RVN) was the top gainer on Monday morning.
RVN rose 35.38% over 24 hours and 80.72% over the week. The coin rose 27.47% and 27.55% against BTC and ETH respectively over 24 hours.
Chiliz (CRYPTO: CHZ), a fan token-focused project, was up 15.76% over 24 hours to $0.31 and 17.69% over seven days.
Other notable gainers over 24 hours leading up to press time were Internet Computer (CRYPTO: ICP), Elrond (CRYPTO: EGLD), and Litecoin (CRYPTO: LTC).
ICP shot up 15.36% to $62.55, EGLD traded 11.10% higher at $134.92 and LTC rose 11.16% to $163.39.
Why It Matters: As per the onchain analytics firm Glassnode, the Spent Output Profit Ratio (SOPR), a short-range metric that points to profit and loss realized by Bitcoins spent on-chain has executed a “bullish reversal” after months of trading below the value of 1, which indicates net realized losses.
“Should SOPR continue to trade higher, this reflects a bullish scenario where the market is adequately absorbing profits realized on spent coins,” wrote Glassnode.
Glassnode observed that on a 14-day median basis, Average Coin Dormancy has reached 10 days, which is the same as the accumulation period between 2019 and 2020.
“It provides further evidence that old hands are not taking exit liquidity at this stage.”
Large transactions dominated when it came to Bitcoin. Dominance by on-chain transaction volume for values exceeding $1 million has risen from 30% to 70% of the total value transferred since September 2020, noted Glassnode.
“These large-size transactions are more likely to be accumulators than sellers and is again, fairly constructive for price.”
The U.S. Senate meanwhile is gearing up for a final vote on the $1 trillion infrastructure bill that is partly financed by a widened cryptocurrency tax net on Tuesday morning, CNN reported.
The Senate did not adopt a bipartisan compromise on a cryptocurrency tax provision in the bill after a Monday vote due to the objections of a lone senator, as per a CoinDesk report.