Bitcoin Bounces Back After $95K Drop, Ethereum and Dogecoin Decline Before Thanksgiving
Bitcoin had a bit of a rollercoaster ride today as it fell below $96,000 in the afternoon, but then bounced back in the evening. It almost hit a record high of $100,000 before facing resistance from the bears.
Ethereum, the second-largest cryptocurrency, didn’t have quite the same luck as Bitcoin, ending the day down by nearly 2%.
The market saw a lot of action, with over $511 million in liquidations in the last 24 hours, wiping out about $380 million in leveraged long bets.
Despite the volatility, market sentiment remained in the “Extreme Greed” zone, indicating a strong desire to buy more.
On a more positive note, some lesser-known cryptocurrencies saw significant gains in the last 24 hours. The Sandbox (SAND) jumped by over 73%, Decentraland (MANA) rose by over 31%, and Tezos (XTZ) was up almost 16%.
Looking ahead, stock futures were on the rise Sunday night, with the Dow Jones Industrial Average Futures up 226 points, or 0.51%. The S&P 500 and Nasdaq 100 Futures also showed gains.
The coming week will bring the release of October’s personal consumption expenditure (PCE) data, which is an important measure of inflation favored by the Federal Reserve.
Experts have differing opinions on the future of Bitcoin, with some predicting a peak between June and September 2025 in the current bull cycle. Chris Kline, COO and Co-Founder of BitcoinIRA, noted a growing interest in Bitcoin at a national level and highlighted the potential impact of regulatory changes.
With so much happening in the world of cryptocurrency, it’s essential to stay informed and be prepared for the unexpected.
