Leading cryptocurrencies scripted another strong rally Thursday, despite President Donald Trump’s tariff moves casting a pall over the market.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:10 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +4.09% | $115,629.51 |
|
Ethereum (CRYPTO: ETH) |
+6.22% | $2,931.12 |
| Dogecoin (CRYPTO: DOGE) | +7.76% | $0.1922 |
What Happened: Bitcoin blasted to a new record high above $116,000 in the evening, as trading volume for the apex cryptocurrency spiked 62% to a whopping $96 billion in the last 24 hours.
Ethereum was closing in on $3,000, hitting levels last seen in early February.
The second-largest cryptocurrency's market share jumped to 9.8%, while Bitcoin's dominance slipped below 64%.
Over $1 billion was liquidated from the market in the last 24 hours, with $969 million in downside bets erased.
Bitcoin's open interest increased by 2.86% in the last 24 hours to an all-time high of $81.35 billion. Notably, the long/short ratio was below 1, indicating a higher number of short bets compared to long bets.
The "Greed" sentiment strengthened in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:10 p.m. ET) |
|---|---|---|
| Pudgy Penguins (PENGU) | +22.70% | $0.01919 |
|
Sei (SEI) |
+19.84% | $0.3134 |
| Worldcoin (WLD) | +19.60% | $1.08 |
The global cryptocurrency market capitalization stood at $3.60 trillion, following a 4.03% jump in the last 24 hours.
Stocks also notched record highs on Thursday. The S&P 500 rallied 0.27% to end at 6,280.46. The tech-focused Nasdaq Composite rose 0.09% to close at 20,630.67. The Dow Jones Industrial Average gained 192.34 points, or 0.43%, to end at 44,458.30.
Meanwhile, stock futures bled overnight after Trump announced 35% tariffs on all goods imported from Canada starting Aug. 1
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Analyst Notes: Blockchain analytics firm Santiment said that despite Bitcoin's record highs, traders are not keen to shift coins back onto exchanges for profit-taking.
On the contrary, the last four months have seen a net drop of 21% in BTC on exchanges.
"The trend of coins staying off exchanges is a sign that the threat of sudden market plummets is more limited, and long-term investors are increasingly content to keep their coins safe in personal storage for the long run," Santiment added.
Widely followed cryptocurrency analyst and trader Ali Martinez stated this might be the "last chance" to catch Ethereum's breakout.
"Right now, ETH is sitting in the middle of a parallel channel. If momentum builds, it has a good chance of rising to $4,000," Martinez projected.
Photo Courtesy: PeopleImages.com – Yuri A on Shutterstock.com
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