Bitcoin Pushes Past $17K, Ethereum, Dogecoin Extend Gains: Analyst Predicts Crypto Rally This Week But Don’t Get Carried Away
BitcoinBTC/USD andEthereumETH/USD surged late on Sunday evening, joining the rest of the top 10 cryptocurrencies by market capitalization in a significant appreciation. Coins Price Gains (Recorded at 9pm ET) Bitcoin $17,175 +3.42% Ethereum $1,292 +7.84% What Happened:Bitcoin was up 3.42% at $17,175 over the last 24 hours, pushing past the $17,000 level, while ETH gained 7.84% to $1,292, according to CoinMarketCap data. Meme coinDogecoinDOGE/USD showed positive gains as well, rising 4% to $0.075. The total crypto market capitalization is up by 2.77%, reaching $845.4 billion. The Dow Jones Industrial Average increased by 2.1%, the S&P 500 Index advanced by 2.3%, and the Nasdaq Composite Index concluded its session 2.6% higher on Friday. This is the best day on record for the Dow and S&P 500 since Nov. 30 and the Nasdaq's most successful since Dec. 29.
See More: Best Crypto Day Trading Strategies Analyst View: Popular cryptocurrency analystMichael Van De Poppehas predicted a significant rally this week, but cautioned a minor drop on Monday as a result of Gemini or other corrections. Crytpo lender Genesis last weekeliminated60 positions, or 30% of its workforce, as it attempted to economize and stave off a bankruptcy filing.
Still watching a case like this on #Bitcoin.
I think we’ll continue rallying coming week, but probably have a drop due to Gemini or correction on Monday first. pic.twitter.com/uNUwLHb4Wg Michal van de Poppe (@CryptoMichNL) January 8, 2023 CryptoSlate'sanalysisof Glassnode data indicates a marked increase in open interest for both Bitcoin and Ethereum. The analysis showed a clear trend of significantly more call options than put options, indicating a strong bullish sentiment among options traders. Bitcoin has seen its strongest levels of demand in the $15,000 to $20,000 range, where its call-and-put options are roughly even. This is unsurprising given its recent consolidation since theFTXcollapse, which has kept it trading within this general price range.
Over 85% of Bitcoin has reportedly not been moving, according to 'Documenting Bitcoin', a source for all BTC stories.
85% of #bitcoin is not moving.
More users everyday are choosing to HODL #bitcoin for the long-term. This is a clear indication of the growing trust and confidence in the world’s first decentralized monetary network pic.twitter.com/lpSM8rU4FY Documenting Bitcoin (@DocumentingBTC) January 8, 2023
Read Next: Genesis Billionaire-Backed Crypto Lender Axes 30% Of Jobs Months After Laying Off 20% Of Staff
