Benzinga - by Mehab Qureshi, Benzinga Staff Writer.
Major cryptocurrencies surged on Thursday evening as crypto investors witnessed Bitcoin’s 50% surge less than two months after the approval of Bitcoin spot ETFs in January.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin (CRYPTO: BTC) | +1.61% | $67,046 |
| Ethereum (CRYPTO: ETH) | +3.38% | $3,914 |
| Dogecoin (CRYPTO: DOGE) | +4.04% | $0.16 |
What Happened: Bitcoin could liquidate $2 billion of BTC long positions with just a $3,000 drop from current levels, as revealed by data from monitoring resource CoinGlass. Traders are placing massive bets on the trajectory of BTC price.
Bitcoin experienced a $10,000 drop within hours of hitting new all-time highs on March 5. However, it has since rebounded. Traders are placing significant bets on both sides of the current spot price, which is currently approaching $67,400.
Analysis from CoinGlass shows a slight dip to $64,286, for instance, could lead to the liquidation of $2 billion worth of long BTC positions.
This bitcoin bull run is remarkable for several reasons. Firstly, the focus of the crypto community has shifted towards market flows rather than narratives about the revolutionary potential of decentralized finance or Web3, as explained by Bloomberg’s Joe Weisenthal in Wednesday’s newsletter.
Secondly, prices have surged despite the U.S. dollar and Treasury yields showing signs of strength, in contrast to the weakening seen in 2020-21.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Floki (CRYPTO: FLOKI) | +32.49% | $0.00017 |
| ThorCHAIN (CRYPTO: RUNE) | +31.53% | $7.11 |
| EOS (CRYPTO: EOS) | +17.23% | $1.27 |
The global cryptocurrency market cap now stands at $2.52 trillion, showing a 0.08% increase in the past 24 hours.
Stocks rallied on Thursday, propelling the S&P 500 and Nasdaq Composite to fresh record peaks, buoyed by optimism surrounding abating inflationary pressures and tech sector advancements.
The broad S&P 500 surged by 1.03% to reach 5,157.36, while the tech-centric Nasdaq Composite soared by 1.51% to attain a level of 16,273.38.
Both indices achieved unprecedented highs during the trading session, with the S&P 500 also attaining a new closing high. The Dow Jones Industrial Average also experienced an uptick, gaining 130.30 points or 0.34%, to culminate at 38,791.35.
Investor sentiment received a boost following the European Central Bank’s decision to lower forecasts for annual inflation and growth, while maintaining key interest rates. This move is viewed as a positive signal regarding international inflation trends.
The ECB’s announcement follows Federal Reserve Chair Jerome Powell’s statement to Congress that he anticipates a decrease in interest rates this year. Although Powell indicated that the Fed is not yet prepared to initiate cuts immediately, he conveyed to the Senate Banking Committee on Thursday that the central bank is nearing the required confidence in addressing inflation.
In the latest week, U.S. initial jobless claims remained steady at 217,000, surpassing market estimates of 215,000.
See More: Best Cryptocurrency Scanners
Analyst Notes: Cryptocurrency analyst Michael Van de Poppe suggests that there is potential for a 40-60% increase in market capitalization for altcoins.
"That’s going to be a fun ride for the altcoins in the coming period."
There's still around 40-60% market capitalization to gain for the #Altcoins.That's going to be a fun ride for the altcoins in the coming period. pic.twitter.com/qT0FRU4qpY
— Michaël van de Poppe (@CryptoMichNL) March 7, 2024
Pseudonymous crypto analyst Rekt Capital said although the top crypto asset by market cap could experience fluctuations, it remains poised for potential dips in the near future.
"Bitcoin is still firmly in its pre-halving rally phase but as is the case with pre-halving rallies – dips can happen. Bitcoin briefly dipped -14% yesterday. The best we can hope for are these dips, but be careful what you wish for – dips do happen."
Crypto analyst Ali Martinez predicts a potential 4% price fluctuation for Bitcoin. "Keep an eye on crucial levels: $67,500 & $66,500. Breaking beyond this $1,000 zone will set the course for $BTC’s next move."
Crypto Tony predicts a miniature altseason until April, followed by the continuation of Bitcoin’s upward trend. According to Crypto Tony’s chart, BTC is projected to reach $87,000.
"Mini #Altseason from here to April then the continuation of #Bitcoin please."
Photo by stockphoto-graf on Shutterstock
Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.