Cryptocurrency markets are trading higher on Wednesday, bolstered by Federal Reserve Chair Jerome Powell calling it “digital gold.”
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $97,718 | +1.6% |
| Ethereum ETH/USD | $3,838 | +6.0% |
| Solana SOL/USD | $230.86 | -3.2% |
| Dogecoin DOGE/USD | $0.4222 | +2.2% |
| Shiba Inu SHIB/USD | $0.00003057 | +6.2% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume decreasing by 10% and daily active addresses down by 0.3%. Transactions greater than $100,000 are up from 12,355 to 13,081 in a single day. Exchanges netflows are up by 89.6%.
- Coinglass data reports 164,631 traders were liquidated in the past 24 hours for $419.58 million.
- Crypto chart analyst Ali Martinez noted that around 400 new Bitcoin whales have joined the network in the last two weeks.
Notable Developments:
- Vladimir Putin Says ‘Nobody Can Ban Bitcoin,’ Stresses Crypto Will Develop ‘One Way Or The Other’
- Telegram-Related TON Crypto Secures $20 Million Raise From Pantera Capital, Down 13% From All-Time High
- NYC Mayor Eric Adams Takes Victory Lap: ‘Remember Y’All Laughed When I First Got My Bitcoin? Who’s Laughing Now?’
- Bitcoin, Ethereum ETFs Recorded Over $800 Million In Inflows On Tuesday
- Michael Saylor Says Microsoft Could Add $4 Trillion In Valuation By Investing In Bitcoin
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| The Sandbox SAND/USD | $1.04 | +36.6% |
| Curve DAO Token CRV/USD | $1.14 | +33.3% |
| Mantle MNT/USD | $1.12 | +26.3% |
Trader Notes: With Bitcoin prices trading higher, crypto trader Rekt Capital emphasizes the importance of the crypto king closing above $97,000 to confirm a breakout and revisit $100,000.
Crypto trader Javon Marks notes Bitcoin following a near-textbook bullish pattern, targeting a 20.1% gain with a price goal of $116,652.
Crypto Wizardd predicts a potential "giga liquidation event," with a sell-off pushing prices to $65,000 before recovering to a range of $115,000–$120,000. He views $120,000 as Bitcoin’s peak, with possible consolidation between $90,000–$110,000.
The trader forecasts the bull cycle could end by April/May 2025, with an altcoin season likely starting in Q1 2025.
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