Source: iStock/pepifoto, Cryptonews.com

A crypto rally on Sunday was as short-lived as the market erased its gains and majority of other coins are in red now. (Updated on 16:45 UTC: updates throughout the entire text.)

After touching USD 7,500 earlier today, the most popular cryptocurrency, Bitcoin dropped to USD 6,944 (16:29 UTC) and is down by 0.29% in the past 24 hours. However, at pixel time, it kept most of its gains registered on Saturday. Bitcoin broke the USD 6,000 level only a few days ago, on May 9.

BTC price chart:

Among the top 10 coins by market capitalization, only Bitcoin Cash is up in the past 24 hours. However, its gains have been also trimmed.

The total market capitalization dropped from USD 224 billion, reached earlier today, to below USD 210 billion.

Top 10 coins by market capitalization:

(16:29 UTC)

Vs.

Top 10 coins by market capitalization:

(05:36 UTC)

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Meanwhile, during the weekend rally, Fundstrat's Tom Lee asked his followers on Twitter, "at what price will see FOMO [fear of missing out] from those who gloated about 90% crash in USD BTC?"

His own guess is USD 10,000 and the majority of respondents agree with him:

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Reactions:

Chart update:



- Shorts still liquidating on Bitfinex



- BitMEX no longer short biased (positive funding rates) pic.twitter.com/4qjA8AsKvU — Willy Woo (@woonomic) May 11, 2019

1.15 Shorts/Longs, this is wild - expected it to be closer to 1 as we approached 7500. Still expecting a local top today, followed by a somewhat bloody Monday. — Nik Patel (@cointradernik) May 12, 2019

Most epic parabola bull trap! 🤯 — Cryptø Łɇmøn (@lemoncoins) May 12, 2019

Build your own conviction. Don’t listen to mumbo jumbo talk. When money will flow into the ecosystem, you won’t need a technical chart to see it. It will be a force you would have never seen before. Be patient until then. https://t.co/RbprlfWILG — Gautam Chhugani (@GautamChhugani) May 12, 2019

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