The cryptocurrency market was a mixed bag on Thursday, with Bitcoin and Dogecoin rebounding sharply and Ethereum sliding further.
Cryptocurrency | Gains +/- | Price (Recorded 9 p.m. EDT) |
Bitcoin (CRYPTO: BTC) | +2.95% | $66,325.97 |
Ethereum (CRYPTO: ETH) | -0.94% | $3,183.16. |
Dogecoin (CRYPTO: DOGE) | +2.82% | $0.1271 |
What Happened: Bitcoin started to surge during early trading hours. The rally gained steam after the market closed, causing the apex cryptocurrency to break $66,000.
The uptrend might have been powered by the world's biggest Bitcoin miner, Marathon Digital Holdings Inc. (NASDAQ:MARA) $100 million BTC purchase, and its adoption of a full HODL strategy
Ethereum also reversed the downsides after trading hours, ensuring little change from the previous day. However, the second-largest crypto has witnessed intense sell-offs since its spot ETFs debuted.
In the past 24 hours, 58,130 traders were liquidated, as the total liquidations came in at $226.26 million. Ethereum led the wipeout with more than $84 million in liquidations.
The Long/Short Ratio lent credence to the above observation, showing a jump in bullish bets on the cryptocurrency against bearish bets.
Downside bets for Ethereum surged in comparison to bullish bets in the last 24 hours, signaling a bearish mood.
The Cryptocurrency Fear & Greed Index flashed "Greed" as of this writing, implying significant FOMO in the market.
Top Gainers (24-Hours)
Cryptocurrency | Gains +/- | Price (Recorded at 9 p.m. EDT) |
Pyth Network (PYTH) | +11.09% | $0.3806 |
Helium (HNT) | +10.55% | $5.26 |
SATS (1000SATS) | +7.62% | $0.0003162 |
The global cryptocurrency market stands at $2.36 trillion, declining 0.51% in the last 24 hours.
Stocks extended their losing streak Thursday. The S&P 500 slipped 27.91 points, to end 0.51% lower at 5,399.22. The tech-focused Nasdaq Composite dropped 0.93% to close at 17,181.72. On the contrary, the blue-chip index Dow Jones Industrial Average rose 0.20% to finish at 39,935.07.
Investors continued to dump shares of tech giants Alphabet Inc. (NASDAQ:GOOGL) and Tesla Inc. (NASDAQ:TSLA) for the second day.
Investors may have also taken into account the stronger-than-expected second-quarter GDP numbers.
Analyst Notes: Prominent on-chain researcher Ali Martinez anticipated a bullish breakout for Bitcoin as its Relative Strength Index broke through a downward trendline, which has been in effect since July 19.
#Bitcoin is signaling a potential bullish breakout as its RSI on the hourly charts breaks through a downward trendline established since July 19! pic.twitter.com/OAdjKosbK7
— Ali (@ali_charts) July 25, 2024
In an earlier X post, he noted that Bitcoin needs to cross $66,450 for the sentiment to flip bullish.
Another widely followed cryptocurrency analyst, Miles Deutscher, refused to read too much into Ethereum's correction, rather saying, "If anything, this pullback is an opportunity."
Deutscher reminded that the first two weeks after Bitcoin ETFs were loss-making for Bitcoin too as it dropped 20%. However, over the next 50 days, King Crypto surged 91%.
Honestly, this $ETH dip is not surprising at all.
When the #Bitcoin spot ETF first launched, it dropped 20% in 14 days.
Afterwards, $BTC proceeded to rally 91% in 51 days.
If anything, this pullback is an opportunity. pic.twitter.com/r8v5c1KE0I— Miles Deutscher (@milesdeutscher) July 25, 2024