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Bitcoin Pushes Past $17K, Ethereum, Dogecoin Extend Gains: Analyst Predicts Crypto Rally This Week But Don’t Get Carried Away

  • Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) 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 coin Dogecoin (CRYPTO: DOGE) 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 viewMichael Van De Poppe has predicted a significant rally this week but cautioned a minor drop on Monday due to problems such as a possible bankruptcy crisis for crypto exchange Gemini.
  • Crytpo lender Genesis last week eliminated 60 positions, or 30% of its workforce, as it attempted to economize and stave off a bankruptcy filing.

  • CryptoSlate's analysis of 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 the FTX collapse, 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. 

Read Next: Genesis Billionaire-Backed Crypto Lender Axes 30% Of Jobs Months After Laying Off 20% Of Staff

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