Bitcoin Taps $81K, Ethereum, Dogecoin Extend Rally Over Weekend: Legendary Trader Projects Apex Crypto To Hit $125K By New Year

    Date:

    Leading cryptocurrencies advanced higher on Sunday as the searing election week rally continued into the weekend.

    Cryptocurrency Performance +/- Price (Recorded at 7:30 p.m. ET)
    Bitcoin BTC/USD +4.94% $80,604.17
    Ethereum ETH/USD
                   
    +2.36% $3,189.01
    Dogecoin DOGE/USD           +34.28% $0.2925

    What Happened: Bitcoin extended its record-breaking trajectory, breaching $81,000 for the first time, as expectations of a cryptocurrency-friendly administration under President-elect Donald Trump revitalized markets.

    Ethereum, the second-largest cryptocurrency, broke $3,200 for the first time since July 31, while Dogecoin topped the daily gainers list with gains of more than 34%.

    Bitcoin’s market dominance rose above 60%, following a 3.44 percentage point gain in the last 24 hours, while Ethereum also saw a minor increase in market share.

    Over $683 million worth of funds locked in unsettled futures contracts were liquidated in the last 24 hours, with short liquidations accounting for more than half.

    Bitcoin’s Open Interest spiked 5.41% in the last 24 hours to $48.61 billion, reflecting higher demand from derivatives traders.

    Interestingly, the majority of top traders on the cryptocurrency exchange Binance took downside bets against Bitcoin as of this writing, indicating expectations of a pullback.

    Market sentiment was back in the “Extreme Greed” zone, according to the Cryptocurrency Fear and Greed Index.

    Top Gainers (24-Hours)

    Cryptocurrency Gains +/- Price (Recorded at 7:30 p.m. ET)
    Dogecoin (DOGE) +34.28% $0.2925
    Shiba Inu (SHIB) +32.27% $0.00002672
    Mantle (MNT) +26.76% $0.0001819

    The global cryptocurrency market capitalization stood at $2.76 trillion, following an increase of 4.77% in the last 24 hours.

    Stock futures ticked higher Sunday night. The Dow Jones Industrial Average Futures rose 32 points, or 0.07%, as of 7:40 p.m. EDT.  Futures tied to the S&P 500 gained 0.14%, while Nasdaq 100 Futures added 0.24%.

    The moves followed a sensational election week rally that saw the three blue-chip indexes, the Dow, the S&P 500, and the Nasdaq Composite, close at record highs.

    This week, investors would watch out for key inflation numbers, including October’s consumer price index slated for Wednesday, and the producer price index data, due on Thursday.

    See More: Best Cryptocurrency Scanners

    Analyst Notes: Legendary cryptocurrency trader Peter Brandt projected Bitcoin to hit $125,000 by New Year.

    “When BTC decides to “Mark-Up,” it never looks back. Throughout its history, when BTC runs – it runs,” Brandt said.

    Widely-followed cryptocurrency trader and analyst Scient predicted a halt in BTC’s rally around $84-85,000, followed by a correction/consolidation for 7-10 days before resuming the uptrend.

    “If it does happen, looking to bid between $71,000-$69,000,” the trader stated.

    Read Next:    

    Photo courtesy: Unsplash

    Market News and Data brought to you by Benzinga APIs

    Go Source

    Chart

    SignUp For Breaking Alerts

    New Graphic

    We respect your email privacy

    Share post:

    Popular

    More like this
    Related

    Elon Musk Says The ‘Prophecy Has Been Fulfilled’ — Peanut The Squirrel-Themed Meme Coin Spikes 11%

    Tech mogul Elon Musk invoked a six-year-old meme to...

    Greg Brockman Returns To Work At ChatGPT’s Parent Company: ‘Back To Building OpenAI’

    OpenAI co-founder Greg Brockman has announced his comeback to the...