Bitcoin, Ethereum, Dogecoin Give Up Early Gains: Analyst Says 2 Altcoins Are 'Going Through The Roof'

Major coins traded in the red on Thursday, as the global market cap went down 1.75% reaching $1.04 trillion, recorded at 8:30 p.m. EST.

What Happened: The largest cryptocurrency by market value, Bitcoin BTC/USD, fell over 2% to under $23,000. Ethereum ETH/USD  was changing hands at $1,567, down 3.4%. Dogecoin DOGE/USD was down 1.69% in the last 24 hours, trading at $0.085.

U.S. equities soared, as investors digested the most recent GDP report and its positive implications for the economy. The tech-heavy Nasdaq Composite rose 1.7%, the S&P 500 gained 1.1%, and the Dow Jones Industrial Average was up 0.6%. 

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“Bitcoin pared losses as soft-landing hopes returned following better-than-expected U.S. GDP data. ​Bitcoin still looks poised to consolidate here until next week’s FOMC decision. One notable crypto story was a fine given to Coinbase by the Dutch Central Bank. The central bank’s penalty is for offering crypto products prior to their registration. ​ This $3.6 million fine is a slap on the wrist but another reminder that a global crackdown on crypto continues,” said Edward Moya, a senior market analyst at OANDA, in a note seen by Benzinga.

Crypto analyst Michaël van de Poppe said "we’ll all be laughing" at current BTC and ETH prices in just a few short years. In the shorter term, he is keeping a close watch on the $1,450-$1,600 range for Ethereum,

As for BTC, the analyst says he’s not interested in longs at Bitcoin’s current price levels.

Fun thing is, in a few years from now we'll be laughing at the current valuations.#Bitcoin at $200K or more, #Ethereum being adopted everywhere.

We're on the start of such a massive cycle.

— Michaël van de Poppe (@CryptoMichNL) January 26, 2023

Poppe said that altcoins Fantom FTM/USD and Polygon MATIC/USD are currently blasting off. “FTM and MATIC going through the roof.”

Crypto analyst Justin Bennett said that Bitcoin is currently sitting at its all-time high trend line. 

$BTC is still hanging out at its ATH trend line.

No confirmed break yet.#Bitcoin pic.twitter.com/DmTCEv5sGr

— Justin Bennett (@JustinBennettFX) January 26, 2023

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