Bitcoin, Dogecoin and Ethereum Prices Rise while Stocks Reach New Highs
Cryptocurrencies saw some ups and downs recently, with Bitcoin struggling to break the $100,000 mark. Bitcoin took a hit during U.S. trading hours, dropping to $92,600 before bouncing back above $94,000. On the flip side, Ethereum surged past $3,500 for the first time in four months, sparking interest in Ether spot ETFs.
While Ethereum was on the rise, Bitcoin ETFs saw outflows of over $684 million. Long positions worth $386 million were liquidated in the past 24 hours, with $832 million in short positions at risk if Bitcoin climbs back to $98,000. Despite the market fluctuation, more traders were betting on Bitcoin going up than shorting the asset.
The global cryptocurrency market cap stood at $3.25 trillion after a 2.61% dip in the last 24 hours. In the stock market, the Dow Jones Industrial Average hit a record high, climbing 440.06 points to 44,736.57. The S&P 500 and Nasdaq Composite also saw gains.
Looking ahead, President-elect Donald Trump’s pick for Treasury Secretary, Scott Bessent, aims to fulfill tax-cut promises and deregulate the U.S. economy. As we head into the Thanksgiving trading week, keep an eye out for the release of October’s PCE data, a key inflation gauge for the Federal Reserve.
Cryptocurrency analyst Ali Martinez pointed out similarities between the current bullish cycle and previous ones in 2017 and 2020. Martinez suggested that a major price correction of 15% to 30% might not occur until Bitcoin hits $135,000 or even $159,000.
On the Ethereum front, social forums were abuzz with positive discussions following Ethereum’s gains. Ethereum’s price performance stood out in comparison to other cryptocurrencies like Bitcoin and XRP. It’s an exciting time in the world of cryptocurrencies, with plenty of developments and market movements to keep an eye on. Stay tuned for more updates and insights as the market continues to evolve.
