Leading cryptocurrencies rose Sunday as President Donald Trump called Bitcoin’s growing adoption a “great thing” for the United States.

What Happened: Bitcoin hit the upper reaches of $108,000, as trading volume for the apex cryptocurrency jumped over 25% in the last 24 hours. Its market dominance rose further to 64.6%.

The asset received a new round of support from Trump, who said Bitcoin was helping to ease pressure on the dollar and that its growing adoption was “a great thing” for the U.S.

Ethereum also erupted late evening, reaching intraday highs of $2,523.32. 

The rally resulted in nearly $200 million in cryptocurrency liquidations in the last 24 hours, with $164 million in shorts wiped out.

Bitcoin’s open interest rose 3.82% in the last 24 hours. Interestingly, the majority of top trader accounts on Binance with open BTC positions were short as of this writing.

The “Greed” sentiment persisted in the market, according to the Crypto Fear & Greed Index.

Top Gainers (24 Hours)

The global cryptocurrency market capitalization stood at $3.3 trillion, following an increase of 0.15% in the last 24 hours.

Stock futures rallied overnight Sunday. The Dow Jones Industrial Average Futures climbed 215 points, or 0.49%, as of 9:41 p.m. EDT.  Futures tied to the S&P 500 rose 0.25%, while Nasdaq 100 Futures gained 0.35%.

The U.S. stock market pushed into record territory, with the S&P 500 and the Nasdaq Composite notching new highs on Friday.

Meanwhile, Trump signaled flexibility on the July deadline for reinstating U.S. tariffs on various countries. “We can do whatever we want,” he told reporters at the White House.

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Analyst Notes: Widely followed cryptocurrency analyst and trader Rekt Capital noticed Bitcoin nearing a major weekly resistance level that, if broken, could propel it to new highs.

Another cryptocurrency chartist, Autumn Riley, stated that despite sideways movement, Bitcoin showed a bullish structure with higher lows, indicating that sell pressure was waning.

“Most people are seeing BTC just going sideways, but there’s actually a lot happening inside this range,” the analyst added.

Photo Courtesy: sundaemorning on Shutterstock.com

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