Bitcoin, Ethereum, Dogecoin Reverse After Advances: BTC Records Historic Weekly Close While Analyst Paints $6K Target For ETH
By Benzinga
Leading cryptocurrencies slipped in overnight trading on Sunday after Bitcoin recorded its first-ever weekly close above $100,000.
| Cryptocurrency | Gains +/- | Price (Recorded at 7:45 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | -0.49% | $99,600.82 |
| Ethereum (CRYPTO: ETH) |
-1.15% | $3,959.94 |
| Dogecoin (CRYPTO: DOGE) | -1.21% | $0.4582 |
What Happened: The world’s largest cryptocurrency rallied sharply during the evening, pushing above $101,000 before plunging below $100,000 overnight.
Ethereum also touched $4,000 before making a U-turn toward the $3,900 zone.
Bitcoin and Ethereum recorded declines in their market dominance, with the apex cryptocurrency’s share dropping by as much as 4.45% in the last 24 hours.
Cryptocurrency liquidations exceeded $222 million in the last 24 hours, with $149 million in leveraged long bets getting erased.
Bitcoin’s Open Interest (OI) rose marginally by 0.26%. An increase in OI, coming alongside a fall in spot price, could indicate the addition of more short positions, typically seen as a bearish signal.
Indeed, the number of traders betting against Bitcoin surged as the Long/Short Ratio dipped from above 1 to 0.82 in the last 24 hours.
The market sentiment remained in the “Extreme Greed” region, per the Cryptocurrency Fear & Greed Index.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 7:45 p.m. ET) |
| Monero (XMR) | +9.07% | $219.91 |
| dYdX (DYDX) | +7.19% | $2.61 |
| Pep (PEPE) | +6.96% | $0.00002618 |
The global cryptocurrency market capitalization stood at $3.69 trillion, following a marginal increase of 0.88% in the last 24 hours.
Stock futures were flat Sunday overnight. The Dow Jones Industrial Average Futures was down 2 points at 7:50 a.m. Futures tied to the S&P 500 dipped 25 points, while the Nasdaq 100 Futures slid just 0.03%.
Major averages like the S&P 500 and the Nasdaq Composite recorded winning runs last week, gaining 0.83% and 2.59%, respectively, bolstered by a stronger-than-expected rebound in employment data for November.
This week, investors will stay focused on the November consumer price index data, slated for release on Wednesday.
See More: Best Cryptocurrency Scanners
Analyst Notes: Well-known cryptocurrency analyst Rekt Capital highlighted a “momentous” occasion for Bitcoin as it recorded its first-ever weekly close above $100,000.
Van de Poppe urged his followers to hold on to their positions and buy dips.
Widely followed cryptocurrency analyst Mikybull Crypto noted Ethereum’s upside breakout from a months-long range, predicting a move to $6,000 before a potential retest.
“The next phase of #ALTSEASON will follow afterward,” the analyst remarked.
Photo by Avi Rozen on Shutterstock
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