Bitcoin Recaptures $60K, Ethereum And Dogecoin Hold It Together But These Coins Are On Massive Runs Today

Bitcoin BTC/USD reclaimed the $60,000 mark at press time Wednesday night as the global cryptocurrency market cap rose 1.67% to $2.65 trillion.

What Happened: The apex coin traded 1.43% higher at $60,616.04 over 24 hours. For the week, it has fallen 6.26%.

Ethereum ETH/USD was up 3.49% at $4,325.51 over 24 hours. Over a seven-day period, it has slipped 6.23%.

Meme cryptocurrency Dogecoin DOGE/USD was up 2.18% at $0.24. Over the last seven days, it declined 6.28%.

The top gainers over 24 hours, as per CoinMarketCap data, were Voyager Token, Crypto.com Coin, and Kadena. 

Voyager Token soared 50.57% to $4.19, Crypto.com Coin appreciated 37.46% to $0.5478, while Kadena gained 18.83% to $21.77 in the period. Crypto.com Coin touched an all-time high of $0.5931 on Wednesday. 

See Also: How To Buy Ethereum (ETH)

Why It Matters: Jan Wuestenfeld an on-chain analyst for CryptoQuant wrote in a blog post on Wednesday that the recent dip of the apex coin below $60,000 levels seemed to be “related to excessive leverage in the system being flushed out.”

“As long as on-chain fundamentals do not change on these price corrections, the medium term outlook remains bullish,” wrote Wuestenfeld.

Former Goldman Sachs hedge fund manager Raoul Pal shared what he called a “spooky chart” of ETH v BTC dating back to 2017 on Twitter. Pal said a 300% rally could commence from “tommorow(ish).”

Now, I don't expect perfection but with all the other analysis I have done, something like a 100% to 300% rally is highly probable into year end. Nothing is a cert.

After that, its a tougher call but I think it possibly elongates and sees significantly higher prices.

— Raoul Pal (@RaoulGMI) November 17, 2021

On inflation, Edward Moya, a senior market analyst with Oanda said that, “Bitcoin may continue to attract inflation hedges, but if pricing pressures trigger rapid rate hiking action from the Fed, that could trigger a massive wave of risk aversion that would penalize cryptos.”

Moya wrote in an emailed note that Bitcoin and Ethereum “seem poised to finish the year as one of the top performing assets.” Moya’s optimism for the short-term is not as bullish.

Cryptocurrency trader Michaël van de Poppe said Wednesday that he expects ETH to breakout in the first quarter of 2022 and that the coin was “still according to plan.”

$ETH is still according to plan. I'm assuming we'll have a breakout in Q1 of 2022 and then we're facing the next part of this bull cycle, including giant #altcoin runs. pic.twitter.com/SuV66N0P84

— Michaël van de Poppe (@CryptoMichNL) November 17, 2021

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