Benzinga - by Aniket Verma, .
Ethereum gained on major regulatory win against the SEC, while Bitcoin and Dogecoin continued to move sideways on Wednesday.
| Cryptocurrency | Gains +/- | Price (Recorded 8:30 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | +0.01% | $64,890.18 |
| Ethereum (CRYPTO: ETH) | +2.37% | $3,553.22 |
| Dogecoin (CRYPTO: DOGE) | +0.19% | $0.1218 |
What Happened: Bitcoin trended downward, falling into the $64,000 zone after an initial rip above $65,000.
Ethereum led the cryptocurrency market's charge, following the closure of the SEC's investigation into whether the world's second-largest cryptocurrency is a security.
The rally catalyzed Ether's derivatives market, as the Open Interest soared 3.43% in the last 24 hours. The jump in OI, coming alongside a jump in price, typically reflects bullish sentiment. Bitcoin's OI growth was muted in comparison, rising 0.61%.
Bullish bets for Ether rose dramatically in the last 24 hours, forming more than 53% of all positions taken by derivatives traders for the asset.
The "Greed" sentiment in the market has cooled significantly this week, according to readings from the Cryptocurrency Fear & Greed Index, falling from 74 to 60. This could pave the way for stronger surges in the days ahead.
Top Gainer (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. EDT) |
| Fetch.ai (FET) | +25.50% | $1.48 |
| SingularityNET (AGIX) | +23.82% | $0.61 |
| Akash Network (AKT) | +17.72% | $3.13 |
The global cryptocurrency market cap stands at $2.37 trillion, growing 0.74% in the last 24 hours.
Stock futures traded sideways as of this writing, while markets remained closed on Wednesday in observance of Juneteenth. The Dow Jones Industrial Average Futures slipped 0.15% as of 8:30 p.m. EDT. Futures tied to the S&P 500 gained 0.09%, while Nasdaq 100 Futures added 0.24%.
AI giant NVIDIA Corp. (NASDAQ:NVDA) has sparked a stock boom this week, causing the S&P 500 and the Nasdaq Composite to hit record highs.
Investors will now shift attention to the jobless claims figures and housing starts data, due on Thursday.
See More: Best Cryptocurrency Scanners
Analyst Notes: Widely-followed cryptocurrency trader Mister Crypto drew attention to the contrasting trajectories of Bitcoin and the stock market.
"The last time this happened, it took BTC 15 days to reverse with an 80% pump," the trader deduced, citing historical data. "Will history repeat again?"
Stock Market going up, #Bitcoin going down.The last time this happened, it took $BTC 15 days to reverse with an 80% pump.
Will history repeat again? pic.twitter.com/UQNzc0zbnY
— Mister Crypto (@misterrcrypto) June 19, 2024
#BTCWhen Bitcoin forms clusters of price action near the Range High resistance at ~$71600…
Over time, price retraces to the downside to form new clusters of price action near the Range Low support area near $60600…$BTC #Crypto #Bitcoin https://t.co/AAcXPVFMto
— Rekt Capital (@rektcapital) June 18, 2024
Well-known analyst, Michaël van de Poppe, shifted focus to altcoins. He underlined that although the market has suffered heavily lately, it was similar to the pre-bull market phase in 2020.
"It crushed many altcoin portfolios & investors, however, in the year after, they provided a 20-100x return," the analyst said.
The #Altcoins have been suffering a massive correction. However, in the same period in 2020, altcoins have suffered a correction of 70-90% as well.It crushed many altcoin portfolios & investors, however, in the year after they provided a 20-100x return.
— Michaël van de Poppe (@CryptoMichNL) June 19, 2024
Photo by Avi Rozen via Shutterstock
Read Next: Bitcoin To Rebound In The Next Months, Will Hit $200K In 2025: Bernstein
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