Leading cryptocurrencies gave a thumbs up to Donald Trump's presidential victory in anticipation of a friendlier White House.
| Cryptocurrency | Gains +/- | Price (Recorded at 7:30 p.m. ET) |
| Bitcoin BTC/USD | +6.15% | $75,185.83 |
| Ethereum ETH/USD | +9.67% | $2,706.00 |
| Dogecoin DOGE/USD | +8.18% | $0.1941 |
What Happened: Bitcoin bettered its previous all-time high established in March with a handsome rally that pushed it above $75,000 for the first time.
The apex cryptocurrency's fourth-quarter gains increased to 18.74%, with history showing average returns of 83%.
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Ethereum jumped to levels last seen in late August, while Dogecoin spiked over 8%.
Ethereum also encountered heavy sell-offs, while Dogecoin outperformed the market with over 8% gains in the last 24 hours.
Bearish leveraged traders witnessed a bloodbath, with nearly $400 million in short positions getting wiped out in the last 24 hours.
Bitcoin's Open Interest surged 9.30%, indicating a significant rise in speculative interest. Most top traders on the cryptocurrency exchange Binance leaned toward bullish positions, as the Binance Top Trader Long/Short Ratio was 1.48 as of this writing.
Market sentiment snowballed to "Extreme Greed," as per the Cryptocurrency Fear and Greed Index, raising concerns of a correction.
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Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 7:30 p.m. ET) |
| First Neiro On Ethereum (NEIRO) | +59.56% | $0.002222 |
| Ethena (ENA) | +36.18% | $0.5015 |
| Bittens (TAO) | +32.70% | $1.32 |
The global cryptocurrency stood at $2.47 trillion, following an increase of 5.55% in the last 24 hours.
Stocks erupted in a frenzy on Wednesday. The Dow Jones Industrial Average jumped 1,508.05 points, or 3.57%, to a record close at 43,729.93.
The S&P 500 lifted 2.53% to end at 5,929.04, while the tech-focused Nasdaq Composite gained 2.95% to close at 18,983.47. Both of these indexes notched a new record as well.
The benchmarks were helped by a 14.8% rally in the shares of Tesla Inc. TSLA, the tech behemoth whose CEO Elon Musk geared up for a potential role in the new Trump administration.
Trump-owned Trump Media & Technology Group Corp. DJT also lifted nearly 6% during the session.
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Analyst Notes: Popular on-chain analytics firm CryptoQuant noted that Bitcoin was still not overvalued, despite leaping to new highs.
"The MVRV ratio shows BTC is still far from peak levels. The price is also close to the purchase cost of traders, indicating it's not overheated. This hints at a potential for further growth," the firm said in an X post.
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Arthur Azizov, CEO of cryptocurrency payment provider B2BINPAY, said in a statement to Benzinga that Bitcoin might correct sharply by the end of this week or early next.
"The Bitcoin chart shows significant uncovered liquidity below the current price, while liquidity above has already been absorbed, indicating that a downward movement is needed to support sustainable future growth. Additionally, the Federal Reserve's rate announcement on Thursday is expected to bring further price volatility," Azizov added.
Furthermore, he expected BTC to range between $80,000 and $90,000 by year-end.
Photo by Avi Rozen on Shutterstock
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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