Cryptocurrency Market Update: Bitcoin Surges Past $100K, Ethereum Rallies

The Market Picture

Cryptocurrency Market Sees 5% Surge in Market Capitalisation

The cryptocurrency market capitalisation experienced a significant 5% increase within a 24-hour span, reaching $3.64 trillion. This surge was fueled by optimism in the US stock market, leading to Bitcoin surpassing the $100,000 mark and reigniting interest in altcoins. The Cryptocurrency Sentiment Index also rose to 83, indicating extreme greed among investors.

Bitcoin Approaches $101.5K Amidst Resistance

Bitcoin recently reached just above $101,500, facing strong resistance over the past week. Despite trading above key levels, suggesting a potential rally to $120,000, caution remains as a breakout to new highs is not confirmed. Traders are closely monitoring buying momentum for further price action.

Ethereum Doubles Bitcoin’s Performance, Eyes $4,100

Ethereum surged by 7% to $3,900, outperforming Bitcoin. Although not yet breaking to new highs, Ethereum’s rally towards $4,100 presents an interesting scenario. Traders are anticipating a potential breakout above this level, with targets set at $5,000.

News Background

Ray Dalio Endorses Bitcoin Amidst Global Economic Concerns

Bridgewater Associates founder, Ray Dalio, expressed his support for Bitcoin as a hedge against the looming debt crisis and fiat currency devaluation. Dalio advised investors to allocate funds to hard assets like gold and Bitcoin, steering clear of leveraged assets in the market.

Market Insights: Ethereum’s Supply Crisis Looms

Derive’s options protocol suggests a dwindling chance of Ethereum hitting $5,000 by December. However, EthHub’s Eric Conner predicts a forthcoming supply crisis for Ethereum, as evidenced by the increasing inflow of funds into Ethereum ETFs. The coin’s stability is attracting significant attention in the market.

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Coincheck Goes Public on Nasdaq, Altcoin Liquidations Signal Market Stability

Japanese exchange Coincheck debuted on the Nasdaq on December 11th, becoming the second crypto exchange listed on the US stock market after Coinbase. Simultaneously, altcoin liquidations hit a record high, signaling a decrease in excessive leverage and a step towards sustainable market growth.

Stay informed with the latest updates and expert analysis from FxPro Analyst Team.