Leading coins remained steady on Thursday amid reports that President-elect Donald Trump may announce several pro-cryptocurrency measures after being sworn in.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| Bitcoin BTC/USD | +0.31% | $100,211.61 |
| Ethereum ETH/USD |
-1.77% | $3,340.29 |
| Dogecoin DOGE/USD | +0.54% | $0.3789 |
What Happened: Bitcoin wiggled in the $100,000 region, a day after reclaiming the psychologically important level on softer inflation data.
Ethereum also chopped in the $3,300-$3,900 zone as holders waited for the second-largest cryptocurrency to recapture the $4,000 milestone it reached last month.
The cryptocurrency market was brimming with optimism ahead of Trump’s inauguration on Jan. 20. The president-elect was reportedly planning to designate cryptocurrency policy as a national priority.
Over $332 million was liquidated from the cryptocurrency market in the last 24 hours, with long liquidations accounting for $188 million.
About $960 million in upside bets could be liquidated if Bitcoin falls back to $95,000.
Bitcoin’s Open Interest rose 2.21% in the last 24 hours. A sideways price movement, coupled with a rising Open Interest, typically precedes upside breakouts.
That said, more than half of derivatives traders on Binance placed short bets on Bitcoin, expecting a correction.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| Hedera (HBAR) | +23.49% | $0.387 |
| Algorand (ALGO) | +12.24% | $0.4854 |
| EOS (EOS) | +10.61% | $0.9507 |
The global cryptocurrency market capitalization stood at $3.52 trillion, increasing marginally by 0.04% in the last 24 hours.
Stocks reversed course on Thursday, erasing gains from the rally a day before. The Dow Jones Industrial Average fell 68.42 points, or 0.16%, to 43,153.13 The S&P 500 ended a 3-day winning streak, closing 0.21% lower at 5,937.34. The tech-focused Nasdaq Composite lost 0.89% to end at 19,338.29.
Mega tech stocks such as Tesla Inc. TSLA and Nvidia Corp. NVDA slipped 3.44% and 1.96%, respectively, likely contributing to the sell-offs.
See More: Best Cryptocurrency Scanners
Analyst Notes: Popular on-chain analyst Ali Martinez highlighted Bitcoin’s Long Term Holder Net Unrealized Profit/Loss indicator, which revealed a market sentiment ranging from “Euphoria” to “Greed” for long-term investors.
Net Unrealized Profit/Loss is derived from market value and realized value to track investor sentiment over time for a cryptocurrency.
Crypto Candy, a widely followed X handle dedicated to cryptocurrency analysis and trading ideas, noted that Bitcoin was encountering a strong resistance zone at $101,000-$103,000, breaking which could propel the apex digital asset to all-time highs.
“Otherwise, if it is rejected once more, we might see it fall back to the $93,000-$91,000 level, although this is considered less likely,” Crypto Candy gave the bearish thesis.
Photo by Avi Rozen on Shutterstock
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