Cryptocurrency update: Bitcoin and dogecoin are benefitting from a combination of market trends, investor sentiment, and external influences that are driving demand.
1. Bitcoin's approach to the significant psychological milestone of $100,000 per token is generating heightened interest in the cryptocurrency sector.
2. Supply and demand dynamics influenced by spot ETFs are contributing to Ethereum's recent gains.
3. Dogecoin's strong rally, largely fueled by political factors, is also playing a key role in the overall market uptrend.
It's another encouraging day in the cryptocurrency market, with the total market capitalization reaching a new all-time high. As of 3:30 p.m. ET, the overall crypto market rose by 5.1% over the past 24 hours, surpassing $3.25 trillion.
Leading this surge are top tokens Bitcoin (BTC 1.89%), Ethereum (ETH 7.04%), and Dogecoin (DOGE 2.35%). These three cryptocurrencies account for nearly three-quarters of the total market value, making their performance critical to the overall market movement.
At 3:30 p.m. ET, Bitcoin, Ethereum, and Dogecoin increased by 3.7%, 8.8%, and 2.1%, respectively, with each token showing intraday gains exceeding 3%.
Investors are closely monitoring Bitcoin as it nears the significant $100,000 mark, currently trading around $98,000. The market has seen a series of new all-time highs following President-elect Donald Trump's election victory.
A recent report suggesting that Trump may appoint a "crypto czar" has intensified bullish sentiment among traders and investors. This move could further legitimize the crypto sector. Additionally, reports of Trump considering a strategic Bitcoin reserve are fueling widespread bets that Bitcoin's price will continue to rise. This optimistic outlook is supported by fundamental factors and heightened speculative trading, driving momentum upward.
Ethereum's approval of spot exchange-traded funds (ETFs) positions it as a key beneficiary in the evolving crypto landscape. Similar supply and demand dynamics affecting Bitcoin are likely to influence Ethereum, especially if ETF inflows sustain buying pressure. Furthermore, ongoing deflationary measures from the Ethereum team could enhance its market position. While Ethereum is making significant gains post-election, it remains about 30% below its all-time high from the previous cycle.
Many in the crypto sector, along with enthusiastic investors who may not closely follow the market, are eager to see Bitcoin reach the $100,000 mark soon. This psychological threshold seems ripe for breaking.
Bitcoin, Ethereum, and Dogecoin remain key assets in the cryptocurrency space and will serve as indicators for investors assessing market momentum and the overall direction of digital assets. Today's rally underscores the strong momentum currently present, and there is no reason why this upward trend shouldn't continue through the end of the year.
When considering shares, indices, forex (foreign exchange) and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and could result in capital loss.
Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice. Trading cryptocurrency CFDs and spread bets is restricted for all UK retail clients.
Risk Warning: this article represents only the author’s views and is for reference only. It does not constitute investment advice or financial guidance, nor does it represent the stance of the Markets.com platform.When considering shares, indices, forex (foreign exchange) and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and could result in capital loss.Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice. Trading cryptocurrency CFDs and spread bets is restricted for all UK retail clients.
CFD Trading Basics: Contract for Difference (CFD) trading has gained immense popularity among traders looking to capitalize on market fluctuations without owning the underlying assets.
Union Pacific Stock Analysis: Union Pacific Corporation, a major player in the North American rail industry, has recently faced a decline in its stock value.
VisionWave Stock (VWAV) Surges: VisionWave (VWAV) has gained significant attention in the stock market lately, with its stock prices surging. Investors and market watchers are keen to understand the factors influencing this upward trend.
set cookie
