Cryptocurrency markets are seeing a surge, with Bitcoin reaching near-record levels of $97,986. Solana’s ETF talks are gaining momentum, while XRP is rising on the heels of SEC Chair Gary Gensler announcing his resignation on Donald Trump’s inauguration day.
According to IntoTheBlock data, large transactions and daily active addresses are increasing, with a 8.5% rise in transaction volume and a 0.4% increase in active addresses. Exchanges’ net flows are down by 89%.
Coinglass reports that 139,421 traders were liquidated for $469.7 million in the past 24 hours.
Notable developments include MicroStrategy’s gains as investors take a “leveraged bet” on crypto growth and Coinbase CEO Brian Armstrong being considered for Donald Trump’s reported “Crypto Czar” position. Chinese Judge has also cited high-pressure crackdowns on speculation, declaring crypto ownership legal amidst Bitcoin’s move past $97K.
Top gainers in the market include Optimism, Arbitrum, and Starknet, with prices increasing by 26.3%, 26.2%, and 18.6% respectively.
Crypto traders are offering different perspectives on the current market trend. Kaleo notes that Bitcoin is close to reaching an all-time high, while Benjamin Cowen suggests that Bitcoin’s price is tracking average returns of prior halving years, potentially leading to a $120,000 price target. However, Kevin argues that despite the near-$100,000 price milestone, the market lacks hype and sentiment, which could be a sign that it’s still far from reaching its peak.
Source: https://www.benzinga.com/markets/cryptocurrency/24/11/42125642/bitcoin-ethereum-dogecoin-prepping-for-an-early-thanksgiving-btc-is-currently-less-than-one-eth-away-from-100000-says-trader