Leading cryptocurrencies rallied Wednesday after in-line inflation data boosted expectations of monetary easing by the Federal Reserve.
| Cryptocurrency | Gains +/- | Price (Recorded at 7:30 p.m. ET) |
| Bitcoin BTC/USD | +5.03% | $100,927.86 |
| Ethereum ETH/USD | +6.42% | $3,828.77 |
| Dogecoin DOGE/USD | +6.38% | $0.4121 |
What Happened: Following a minor pullback, Bitcoin reclaimed the $100,000 mark, while Ethereum returned to the $3,800 territory.
Bitcoin's upswing catalyzed the rest of the market, as the altcoin dominance increased by 4.41% over the last 24 hours.
Cryptocurrency liquidations surpassed $240 million in the last 24 hours, with $154 million in leveraged shorts getting wiped out.
Over $400 million in shorts risked liquidation on Binance if Bitcoin rises to $104,000.
Bitcoin's Open Interest surged by 4.90% in the last 24 hours. Interestingly, the number of traders shorting the asset rose dramatically in the last 24 hours, implying a greater expectation of another dip.
Market sentiment returned to the "Extreme Greed" zone, as per the Cryptocurrency Fear & Greed Index, lending credence to the pullback narrative.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 7:30 p.m. ET) |
| Peanut the Squirrel (PNUT) | +27.97% | $1.32 |
| Virtuals Protocol (VIRTUAL) | +22.87% | $1.92 |
| Sui (SUI) | +21.35% | $4.47 |
The global cryptocurrency market capitalization stood at $3.61 trillion, surging 5.02% over the last 24 hours.
The stock market rebounded sharply after consecutive days of losses. The tech-heavy Nasdaq Composite jumped 1.77% to close at a record high of 20,034.89. The S&P 500 rallied 0.82%, ending at 6,084.19. The Dow Jones Industrial Average, however, closed another day in the red, slipping 0.22% to 44,148.56.
The tech rally was supported by electric vehicle giant Tesla Inc.’s TSLA stock hitting all-time highs after a 5.93% spike.
Additionally, November's Consumer Price Index matched analyst's expectations, prompting traders to raise the likelihood of a 25 basis point rate cut in next week's Federal Reserve meeting to 98.6% from 88.9% a day before, per CME FedWatch data.
See More: Best Cryptocurrency Scanners
Analyst Notes: Popular cryptocurrency analyst and trader Michaël van de Poppe stated that Bitcoin was headed to new all-time highs in the coming days if it managed to stay above the $97,844 resistance level.
Another widely followed analyst, known by their pseudonym venturefounder, predicted Ethereum to hit $4,900 "very soon" as it reclaimed the $3,800 level as support.
The analyst also set price targets of $5,349, $6,457, and $7,238 by the first quarter of 2025.
Photo by CMP_NZ on Shutterstock
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
