Leading cryptocurrencies rallied sharply on Wednesday as institutional demand fuels optimism.
| Cryptocurrency | Gains +/- | Price (Recorded at 10:20 p.m. ET) |
|---|---|---|
| Bitcoin BTC/USD | +3.09% | $108,832.24 |
| Ethereum ETH/USD | +6.72% | $2,571.03 |
| Dogecoin DOGE/USD | +6.21% | $0.1680 |
What Happened: Bitcoin rallied to an intraday high of $109,763.65 in the afternoon before profit-taking dragged it back to the $108,000 region.
The upsurge followed news that BlackRock’s iShares Bitcoin Trust ETF IBIT is now generating more in fees than its flagship S&P 500 fund.
Bitcoin's spike rubbed off on the rest of the market, with Ethereum and altcoins surging significantly.
The upsurge resulted in over $250 million in bearish short positions getting erased in the last 24 hours.
Bitcoin’s open interest powered 8.71% in the last 24 hours to $74 billion, indicating high speculative interest. Interestingly, over 68% of Binance traders with open BTC positions continued to be short as of this writing.
The "Greed" sentiment intensified from 63 to 73 in the last 24 hours, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 10:20 p.m. ET) |
|---|---|---|
| Bonk (BONK) | +19.97% | $0.0000164 |
| Celestia (TIA) | +17.82% | $1.61 |
| dogwifhat (WIF) | +16.87% | $0.9243 |
The global cryptocurrency market capitalization stood at $3.36 trillion, surging 3.49% in the last 24 hours.
Major stock averages bumped during Wednesday's trading. The S&P 500 climbed 0.47% to close at a new record high of 6,227.42. The tech-heavy Nasdaq Composite rose 0.94%, also closing at a record of 20,393.13. The Dow Jones Industrial Average was the outlier, recording a minor dip to close at 44,484.42.
The rally comes after Trump announced that the U.S. struck a trade deal with Vietnam, a hub for tech giants like Nvidia Corp. NVDA and Apple Inc. AAPL
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Analyst Notes: Blockchain analytics platform Santiment said Bitcoin's rally has sparked a FOMO on social media.
"Prices move opposite to retail traders’ behavior, so don’t be surprised by a brief rally halt while greed is high," Santiment added.
On the other hand, widely followed cryptocurrency analyst and trader Ali Martinez found Bitcoin's daily chart "promising."
"A daily close above $109,000 could open the door to a rally toward $118,000," the analyst predicted.
Photo: Antonio Gravante On Shutterstock.com
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