Bitcoin Tops This Key Level As Institutions Pile On, Ethereum, Dogecoin Rangebound: Analyst Says Buying BTC Now Is Like Buying It For $20,000 In 2020

Bitcoin advanced while other blue-chip cryptocurrencies moved sideways on Wednesday as corporations continued to accumulate the apex digital asset.

Cryptocurrency	Gains +/-	Price (Recorded at 10:00 p.m. ET)
Bitcoin BTC/USD	+1.20%	$107,692.70
Ethereum ETH/USD	-0.11%	$2,457.58
Dogecoin DOGE/USD	-0.78%	$0.1641

What Happened: The leading cryptocurrency gained momentum, reclaiming $108,000 after more than a week’s absence. The trading volume popped 3.43% to $50 billion over the last 24 hours.

Anthony Pompliano’s Bitcoin treasury company ProCap BTC, LLC, bought another 1,208 BTC at an average price of $105,977, taking its total holdings to 4,932 BTC, worth $531.4 million.

Ethereum consolidated in the $2,400 range before gaining traction overnight to exceed $2,450. Trading volume remained tepid for the second-largest cryptocurrency.

More than $200 million was liquidated from the cryptocurrency market in the last 24 hours, with nearly $102 million in bearish shorts wiped out.

Meanwhile, Bitcoin’s open interest surged nearly 5% in the last 24 hours. A rise in open interest, combined with a price rise, is typically interpreted as a bullish signal.

The market's "Greed" sentiment strengthened from 66 to 74, according to the Crypto Fear & Greed Index.

Top Gainers (24 Hours)

Cryptocurrency	Gains +/-	Price (Recorded at 10:00 p.m. ET)
Pi (PI)	+12.86%	$0.6228
Kaspa (KAS)	+4.64%	$0.0781
Bitget Token (BGB)	+2.92%	$4.45

The global cryptocurrency market capitalization stood at $3.30 trillion, following a modest increase of 0.67% in the last 24 hours.

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Stocks were a mixed bag on Wednesday. The Dow Jones Industrial Average dropped 106.59 points, or 0.25%, to end at 42,982.43. The S&P 500 was barely changed, ending the session at 6,092.16. The tech-heavy Nasdaq Composite rose 0.31% to end at 19,973.55.

Artificial intelligence darling NVIDIA Corp. NVDA surged 4.33% to close at a record high on Wednesday, becoming the world's most valuable company.

See More: Best Cryptocurrency Scanners

Analyst Notes: On-chain analytics firm Santiment highlighted a divergence in trader behavior for Bitcoin and Ethereum.

"With BTC pushing crypto’s recovery, traders are shorting (expecting a slight pullback). Meanwhile, ETH has been trailing, and traders are longing in hopes it will catch up," Santiment stated.

Widely followed cryptocurrency analyst Cas Abbé likened Bitcoin’s current price action at $108,000 to its $20,000 level in 2020.

"In 2020-21 cycle, BTC pumped 3x in just 3 months," Abbé said. "I’m not saying that BTC will pull a 3x, but there will be a similar parabolic move.

The analyst projected BTC to soar 50%-80% in the next 3-4 months before a blow-off top.

Photo Courtesy: PeopleImages.com – Yuri A on Shutterstock.com

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