The cryptocurrency market experienced varied results recently, with Bitcoin and Dogecoin showing little movement. However, Ethereum saw slight gains amid a backdrop of rebounding stocks and dropping oil prices. Analysts are suggesting that Ethereum’s future potential could allow it to outpace Bitcoin.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:45 p.m. EDT) |
| Bitcoin BTC/USD | -0.28% | $62,418.83 |
| Ethereum ETH/USD | +1.23% | $2,463.51 |
| Dogecoin DOGE/USD | -0.60% | $0.1087 |
Market Movements: Bitcoin and Ethereum
Initially, Bitcoin surged past $63,000 with the opening of markets, only to see gains retracted later, stabilizing around $62,000. Meanwhile, Ethereum moved steadily before a significant nighttime surge took it to $2,470. The broader crypto market felt the effects of these shifts, with total liquidations reaching nearly $140 million in the past 24 hours, predominantly driven by long positions.
The Rising Confidence in Ethereum
Bitcoin’s open interest edged up by 0.13%, indicating a rise in new short positions, potentially contributing to its price decline. Moreover, apprehension continued, as more traders bet against Bitcoin than those optimistic about its growth. Even with these tensions, Ethereum’s performance has led many to predict its eventual dominance as it consistently outperforms. The total market cap of cryptocurrencies is at $2.17 trillion, despite a slight contraction of 0.29% in the last day.
According to Rekt Capital, a well-respected cryptocurrency analyst, Bitcoin remains in a transitional phase. A crucial daily close above $64,200 is needed for Bitcoin to aim for upward momentum. Indeed, Michaël van de Poppe, a notable cryptocurrency researcher, believes Ethereum will gradually “take over” and maintain its superior performance, signaling a promising shift for altcoins.
The overall sentiment reflected a “Neutral” stance on the Cryptocurrency Fear & Greed Index, underscoring the ongoing uncertainty. At the same time, traditional markets bounced back with the Dow Jones Industrial Average climbing 126.13 points, S&P 500 expanding by 0.97%, and Nasdaq Composite gaining 1.45%.
As technology and tech-laden stocks, particularly those like NVIDIA Corp., led the recovery, oil prices saw a 4% dip, with West Texas Intermediate marked at $73.60 a barrel, as geopolitical tensions and economic speculations continued to loom.
Further Reading: For more insights, check out our recommendations on the Best Cryptocurrency Scanners.
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Photo Credits: stockphoto-graf on Shutterstock
Market trends sourced from Benzinga APIs
© 2024 Benzinga.com. The information provided is not investment advice. All rights reserved.
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