Leading cryptocurrencies held on to their gains on Thursday as the market digested back-to-back hot inflation readings and higher chances of rate hikes.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 9:24 p.m. EDT) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +0.80% | $82,256.82 |
| Ethereum (CRYPTO: ETH) |
+1.00% | $2,437.72 |
| XRP (CRYPTO: XRP) | +0.70% | $1.33 |
| Solana (CRYPTO: SOL) | +1.20% | $105.38 |
| Dogecoin (CRYPTO: DOGE) | -0.20% | $0.0813 |
Crypto Market Holds Steady
Bitcoin briefly sank below $80,000 earlier today before bouncing strongly to reclaim $82,000. Ethereum rebounded from support at $2,320 to consolidate in the $2,400 region.
Cryptocurrency-related stocks also lifted, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing up 5.62% and 4.99%, respectively.
More than $830 million was wiped out in crypto liquidations over the past 24 hours, including $664 million in long positions, according to Coinglass data.
Bitcoin open interest dropped 0.21% over the past 24 hours and has fallen more than 14% since the cryptocurrency last traded at highs of $87,000.
That said, “Greed” sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:24 p.m. EDT) |
| Akedo (AKE) | +19.80% | $0.03204 |
| Injective (INJ) | +14.70% | $8.72 |
| Starknet (STRK) | +14.60% | $0.08768 |
The global cryptocurrency market capitalization stood at $2.861 trillion, up 0.70% in the last 24 hours.
Stock Market Recovers
Stocks staged a sharp rebound on Thursday. The Dow Jones Industrial Average jumped 556.21 points, or 1.08%, to end at 52,177.69. The S&P 500 rallied 0.33% to close at 7,744.06. The Nasdaq Composite gained 0.08% to finish at 26,713.03.
U.S. producer prices rose 6.3% year over year, the biggest gain since 2022 and above the 5.5% economists expected. The odds of a rate hike in December rose from 62.2% to 67.4% over the last 24 hours, according to the CME FedWatch tool.
Yields on the 10-year Treasury Note rose 2.2 basis points to 5.09%, while yields on the 30-year Bond increased by 0.017% to 5.42%.
Encouraging Trend for BTC Bulls?
Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, remained “bullish” on Bitcoin, stating that the price holding above a key support block, with the upper range around $81,000, keeps the outlook “fine.”
“Even a sweep at $74,800 would be okay, but obviously, much rather you don’t want to see that occur,” the analyst added.
On-chain analytics firm Santiment reported that wallets holding 10 BTC-10,000 BTC—the cohort that has historically correlated with Bitcoin’s future price direction—reached a new all-time high.
“That makes the trend encouraging for BTC bulls. Price can still move lower short term, but persistent growth among Bitcoin’s most influential wallets creates a healthier setup for future upside if accumulation continues,” Santiment stated.
Photo Courtesy: Sodel Vladyslav on Shutterstock.com
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