Bitcoin and Ethereum Close to Breaking Resistance: Crypto Market Update
Hey there! Exciting news in the crypto world as the market capitalization has jumped up by 5% in just 24 hours, now sitting at a whopping $3.64 trillion. What’s causing this surge? Well, optimism in the US stock market has pushed Bitcoin above $100K, enticing buyers back into altcoins. In fact, the Cryptocurrency Sentiment Index has shot back up to 83, showing extreme greed among investors.
Bitcoin is currently hovering around $101.5K, facing some solid resistance over the past week. While we’re above that key $100K mark, it’s a bit risky to predict a breakout to new highs and a total shift in bearish sentiment. But, if buying strength holds up, we could see a quick rally up to the $120,000 range.
Meanwhile, Ethereum is making moves too, rising 7% to hit $3900 in a single day. That’s double the performance of Bitcoin! While it’s not quite a breakout to new highs just yet, the path forward looks promising. Keep an eye on the price action as it heads towards $4100 – we could see a sharp reversal or a breakthrough to the $5000 area.
In other news, Ray Dalio, founder of Bridgewater Associates, announced he’s diving into the world of cryptocurrency amid predictions of an impending debt crisis and the decline of fiat currencies. He’s urging people to steer clear of leveraged assets like bonds and instead invest in solid options like gold and Bitcoin.
On the Ethereum front, the chances of hitting $5,000 by December have dipped below 10%, according to options protocol Derive. But don’t count Ethereum out just yet – EthHub founder Eric Conner warns of a potential ‘supply crisis’ for the coin. And speaking of Ethereum, ETFs have been pulling in big money, with over $305 million invested on December 10th alone.
Switching gears, Circle and Binance have teamed up to boost the global presence of the USDC stablecoin. Binance will even list the stablecoin in its corporate treasury, showing a growing confidence in these digital assets.
Exciting news out of Japan too, as Coincheck shares began trading on the Nasdaq on December 11th, making it the second crypto exchange on the US stock market after Coinbase.
And finally, recent data from K33 Research reveals that liquidations in altcoins hit $1.75 billion on December 10th, the highest since May 19, 2021. At the same time, the overall cryptocurrency market hit a record high of $12.8 billion, signaling a shift away from excessive leverage and paving the way for more sustainable growth.
Stay tuned for more updates on the ever-evolving world of cryptocurrency!
