Benzinga –
- (CRYPTO: BTC) and (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 (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 increased by 2.1%, the S&P 500 Index advanced by 2.3%, and the 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 view: Michael 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.
Still watching a case like this on #Bitcoin.
I think we’ll continue rallying coming week, but probably have a drop due to Gemini or correction on Monday first. pic.twitter.com/uNUwLHb4Wg
— Michaël van de Poppe (@CryptoMichNL) January 8, 2023
- 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.
85% of #bitcoin is not moving.
More users everyday are choosing to HODL #bitcoin for the long-term. This is a clear indication of the growing trust and confidence in the world’s first decentralized monetary network pic.twitter.com/lpSM8rU4FY
— Documenting Bitcoin (@DocumentingBTC) January 8, 2023
Read Next: Genesis Billionaire-Backed Crypto Lender Axes 30% Of Jobs Months After Laying Off 20% Of Staff
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read the original article on Benzinga
This news is republished from another source. You can check the original article here