• Bitcoin, Ethereum Rise, Dogecoin Steady After Fed Cuts Rate: Analyst Predicts Apex Crypto's Next Local Top At $85.4K If This Happens

    المصدر: Buzz FX / 07 نوفمبر 2024 20:55:16   America/New_York


    Bitcoin tapped an all-time high, and Ethereum soared as the Federal Reserve's latest quarter-point rate cut boosted market momentum on Thursday.





    CryptocurrencyGains +/-Price (Recorded at 7:30 p.m. ET)
    Bitcoin (CRYPTO: BTC)+1.46%$76,365.42
    Ethereum (CRYPTO: ETH)
                       		+8.52%$2,938.85
    Dogecoin (CRYPTO: DOGE)          -0.92%$0.1943




    What Happened: The world's largest cryptocurrency hit a new all-time high at $76,872.61, barely two days after creating records on the day of the U.S. presidential election.





    Ethereum powered above $2,900 for the first time in more than three months in a late-evening rally.





    Bitcoin's market dominance rose above 60%, following a 3.44 percentage point gain in the last 24 hours, while Ethereum also saw a minor increase in market share.





    In the past 24 hours, 89,458 traders were liquidated, with the total liquidations coming in at $311.71 million. Short-leveraged traders saw $186 million worth of their positions evaporate in the rally.





    Bitcoin's Open Interest rose 2.88%, indicating an influx of fresh money in the derivatives market.





    Bitcoin's Relative Strength Index (RSI) went into the overbought territory, as per TradingView, strengthening the case of a pullback.





    That said, market sentiment cooled from "Extreme Greed" to "Greed," as per the Cryptocurrency Fear and Greed Index.





    Top Gainers (24-Hours)





    CryptocurrencyGains +/-Price (Recorded at 7:30 p.m. ET)
    Raydium (RAY)+14.24%$4.82
    Cardano (ADA)+13.49%$0.4133
    Mantle (MNT)+13.17%$0.6774




    The global cryptocurrency stood at $2.5 trillion, following a marginal contraction of 0.57% in the last 24 hours.





    Stocks extended their winning streak on Thursday. The S&P 500 gained 0.74% to close at a new record high of 5,973.10. The tech-heavy Nasdaq Composite added 1.51% to end at 19,269.46, marking its first close above 19,000.





    The Dow Jones Industrial Average traded near the flatline, dropping just 0.59 points to 43,729.34.





    The upswing followed the Fed's 0.25 percentage point cut, bringing the federal funds rate to a target range of 4.5% to 4.75%, the lowest since February 2023.





    Fed Chair Jerome Powell hinted at the possibility of more easing in the future but refrained from signaling a specific rate cut at the December meeting, stressing a data-dependent approach.





    See More: Best Cryptocurrency Scanners





    Analyst Notes: Popular cryptocurrency analyst Ali Martinez said that Bitcoin can hit a local top of $85,360 if it maintains support above $71,489, according to the MVRV Deviation Pricing Bands.











    Martinez also drew attention to the impending "altcoin season." 





    "This could be the ideal time to stack up on altcoins, as history shows that altseason often follows shortly after," the analyst added, referring to the ongoing dominance of Bitcoin.











    Widely-followed cryptocurrency analyst, going by the pseudonym Wolf dubbed Ethereum as the "best" risk/reward asset in the cryptocurrency market.





    "The fundamentals have never been stronger, and technically, it's incredibly undervalued. The chart is looking bullish as ever, and with ground to catch up against BTC and SOL," the analyst added.





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