9 hours Ago By Aniket Verma
Bitcoin hit $95,000 for the first time ever, following reports of a cryptocurrency-focused role in the incoming Donald Trump administration. Cryptocurrency Gains +/- Price (Recorded at 7:45 p.m.
ET) Bitcoin BTC/USD +2.73% $94,794.86 Ethereum ETH/USD -0.
98% $3,083.96 Dogecoin DOGE/USD -0.87% $0.
3845 What Happened : The leading cryptocurrency briefly surpassed the never-seen-before level overnight on Wednesday before rebounding. With the latest uptick, Bitcoin's weekly gains jumped to nearly 5%, while its market dominance reached 60%. Its returns for November have shot past 33% already, against the historical average of 45%.
On the contrary, Ethereum , the second-largest cryptocurrency by market capitalization, slid below $3,100. It was down over 3.5% over the week.
Bitcoin's rally followed reports of a dedicated cryptocurrency role in Trump's administration that would act as a bridge between the White House, Congress, and regulatory agencies like the SEC and CFTC. Nearly $350 million in leveraged positions were liquidated from the cryptocurrency market in the last 24 hours, with long liquidations accounting for $241 million. Bitcoin's Open Interest (OI) surged 6.
52% in the last 24 hours, implying heightened speculative interest among derivatives traders. Most of the new bets favored Bitcoin's price increase as the number of long positions increased vis-à-vis shorts, according to the Long/Shorts Ratio. Market sentiment remained in the "Extreme Greed" zone, as per the Cryptocurrency Fear and Greed Index.
Top Gainers (24-Hours) Cryptocurrency Gains +/- Price (Recorded at 7:45 p.m. ET) Floki (FLOKI) +14.
94% $0.0002822 UNUS SED LEO (LEO) +6.46% $8.
47 Tezos (XTZ) +5.35% $1.08 The global cryptocurrency market capitalization stood at $3.
12 trillion, following an increase of 1.32% in the last 24 hours. Stocks traded mixed on Wednesday.
The S&P 500 ended the session flat, while the tech-heavy Nasdaq Composite slid 0.11% to close at 18,966.14.
The Dow Jones Industrial Average The Nasdaq Composite lifted 195.66 points, or 1.04%, to end at 18,987.
47. The S&P 500 added 0.40% to close at 5,916.
98. Meanwhile, the Dow Jones Industrial Average was the outlier, surging 139.53 points, or 0.
32%, to end at 43,408.47. Nvidia Corp.
NVDA shares finished 0.76% lower ahead of third-quarter earnings, which eventually turned out to be better than expected . .
See More: Best Cryptocurrency Scanners Analyst Notes: Noted cryptocurrency analyst Ali Martinez drew a parallel with Bitcoin's Dec. 2020 trajectory, observing a "nearly identical" Relative Strength Index (RSI). "If true, BTC will go to $108,000, drop to $99,000, and bounce to $135,000," Martinez added.
#Bitcoin looks like it did in December 2020. Even the RSI is nearly identical. If true, $BTC will go to $108,000, drop to $99,000, and bounce to $135,000! pic.
twitter.com/hsIBWBVGnl Another widely-followed analyst, Rekt Capital, stated that Bitcoin dips from the previously broken resistance would mean a "post-breakout retest." "These retests aren’t always necessary but BTC’s most recent downside wicking demonstrates that there is at least retesting intent in the price action," the analyst remarked.
#BTC Any dips into the previously broken Range High (red) would constitute a post-breakout retest These retests aren't always necessary but BTC's most recent downside wicking demonstrates that there is at least retesting intent in the price action $BTC #Crypto #Bitcoin https://t.co/r9YbUIg79C pic.twitter.
com/uLIY7yXynz Photo by SvetlanaParnikova on Shutterstock Read Next: Here’s How Much $100 Invested In Cardano Today Could Be Worth If ADA Hits New All-Time Highs © 2024 Benzinga.com. Benzinga does not provide investment advice.
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