Cryptocurrency markets are trading higher on Friday, with Bitcoin prices racing towards reclaiming the $100,000 mark again despite record ETF outflows on Thursday.
Cryptocurrency | Price |
|
Bitcoin (CRYPTO: BTC) | $98,729.85 | +1.5% |
Ethereum (CRYPTO: ETH) | $3,623.43 | +4.7% |
Solana (CRYPTO: SOL) | $216.94 | +4.8% |
XRP (CRYPTO: XRP) | $2.47 | +3.3% |
Dogecoin (CRYPTO: DOGE) | $0.3771 | +11.4% |
Shiba Inu (CRYPTO: SHIB) | $0.00002406 | +5.3% |
Notable Statistics:
IntoTheBlock data shows large transaction volume increasing by 20.3% and daily active addresses falling by 0.01%. Transactions greater than $100,000 are up from 8,267 to 8,953 in a single day. Exchanges netflows are up by 97.9%.
Coinglass data reports 77,289 traders were liquidated in the past 24 hours for $217.22 million.
Crypto chart analyst Ali Martinez highlighted that over 48,000 BTC, worth more than $4.5 billion, were withdrawn from exchanges in the past week.
Top Gainers:
Cryptocurrency | Price | Gains +/- |
SPX6900 (CRYPTO: SPX) | $1.30 | +31.8% |
Ethena (CRYPTO: ENA) | $1.24 | +18.7% |
Fartcoin (CRYPTO: FARTCOIN) | $1.58 | +15.8% |
Trader Notes: With Bitcoin prices reclaiming $98,000, crypto trader Income Sharks highlighted a bullish trifecta: rising Bitcoin prices, increasing market capitalization and declining Bitcoin dominance.
He emphasized this dynamic as highly favorable, stating, "Perfect rejection and following the arrow."
$BTC – Nothing more bullish than Bitcoin price going up while dominance going down and marketcap going up. Perfect rejection and following the arrow. pic.twitter.com/wHZElQOuYA
— IncomeSharks (@IncomeSharks) January 3, 2025
However, Rekt Capital cautioned traders against assuming Bitcoin is immune to future bear markets due to its mainstream adoption and maturity.
He predicts another bear market will follow this bull run, stating, "The beginnings of a new Bear Market will emerge later this year, with the majority of the downside occurring in 2026."
Meanwhile, crypto chart analyst Ali Martinez observed that Bitcoin is at a pivotal juncture, potentially retesting its 50-day moving average (MA).
He noted that a sustained close above the 50-day MA is critical to ending the correction and confirming a continuation of bullish momentum.
#Bitcoin $BTC remains at a critical point. This might just be a retest of the 50-day MA before a potential move lower. A sustained close above the 50-day MA is essential to signal the end of the correction and confirm bullish momentum. pic.twitter.com/ppfEjfoJkc
— Ali (@ali_charts) January 3, 2025
