Bitcoin Taps $122,000 As Ethereum, XRP, Dogecoin Continue To Surge

Cryptocurrencies have started the week strong, with Bitcoin tapping the $122,000 mark in the Asian trading session.

Notable Statistics:

• IntoTheBlock data shows Bitcoin and Ethereum large transaction increased by 5% and dropped 25.7%, respectively. Daily active addresses dipped 16.6% and grew 4.2%, respectively.
• Coinglass data shows 93,858 traders were liquidated in the past 24 hours for $301.28 million.
• SoSoValue data shows net inflows of $403.9 million into spot Bitcoin ETFs on Wednesday. Spot Ethereum ETFs saw net inflows of $461.2 million.  

Trader Notes: With Bitcoin surging to $121,000, crypto trader Zer0 said the "next leg up" should mark the beginning of the end, the most lucrative phase, noting 80% gains in just 20% of the time.

Crypto trader Scient scrapped his plan after Bitcoin's strong weekend breakout. With CPI data due tomorrow, he expects early-week volatility, and is looking for long entries after the recent correction retested the 4-hour BOS and trend channel.

Michael van de Poppe called the market highly bullish, with Ethereum near a new ATH but stalling. He sees a potential dip to $3,700–$3,800 as a prime accumulation zone if Bitcoin corrects.

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Jelle noted Ethereum finally broke above $4,000 after three failed attempts this cycle, with minimal resistance ahead and strong upside potential.

Galaxy likened XRP's rally to 2017, but this time moving slowly and organically, predicting price discovery soon.

Crypto trader CW pointed out that a further $5 rise in Solana could trigger about $97 million in short liquidations.

Trader Tardigrade sees Dogecoin moving from an initial ascending channel to a steeper second one, with a small pullback that may already be over, possibly entering an even steeper third channel.

Read Next:

• Bitcoin Is Not The ‘Scrappy Underdog’ Anymore And You Can’t Expect It To 10x Every 4 Years Forever, Says Analyst

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