Leading cryptocurrencies slipped on Thursday, even as key stock barometers rose, amid heightened expectations of interest rate cuts.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:25 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -1.04% | $92,460.85 |
|
Ethereum (CRYPTO: ETH) |
-1.77% | $3,156.33 |
| XRP (CRYPTO: XRP) | -4.30% | $2.10 |
| Solana (CRYPTO: SOL) | -4.40% | $139.58 |
| Dogecoin (CRYPTO: DOGE) | -2.75% | $0.1480 |
Crypto Rebound Loses Momentum
Bitcoin rebound lost steam as the apex cryptocurrency consolidated in the $91,000-$92,000 range. Trading volume fell 19% over the last 24 hours.
Ethereum attempted to break $3,220 but faced sharp rejection, tumbling to $3,070. The second-largest cryptocurrency regained some ground overnight.
Shares of cryptocurrency-linked stocks such as Strategy Inc. (NASDAQ:MSTR) and Coinbase Global Inc. (NASDAQ:COIN) closed down 1.26% and 1.04%, respectively, during the regular trading session.
Benzinga Edge delivers real-time stock alerts, trade ideas, and professional investing tools to help you navigate the market. Find out more about MSTR and BMNR here.
Cryptocurrency liquidations reached $266 million over the last 24 hours, according to Coinglass, with long liquidations amounting to nearly $80 million.
That said, over $440 million in Bitcoin short positions risked liquidation if the apex cryptocurrency reclaimed $95,000.
Bitcoin's open interest fell 0.48% in the last 24 hours, roughly matching the dip in spot price.
Alice Liu, Head of Research at CoinMarketCap, on Tuesday said that crypto has entered a phase of high fear and high volatility, and warned that Bitcoin’s next true expansion cycle may not arrive until 2026.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 8:25 p.m. ET) |
|---|---|---|
| SpaceN (SN ) | +78.08% | $4.10 |
|
Decred (DCR) |
+22.20% | $0.6065 |
| Zcash (ZEC ) | +10.87% | $387.69 |
The global cryptocurrency market capitalization stood at $3.14 trillion, following a decrease of 0.92% in the last 24 hours.
S&P 500 Extends Rally
Major stock indexes extended their gains on Thursday. The S&P 500 gained 0.11% to close at 6,857.12. The tech-focused Nasdaq Composite closed up 0.22% to settle at 23,505.14.
The Dow Jones Industrial Average was the outlier, dropping 31.96 points, or 0.07%, to end at 47,850.94.
The drop in private payrolls for November suggested a cooling labor market, leading investors to increasingly bet on a more dovish stance on monetary policy.
The CME FedWatch tool now shows an 87% chance of a 25-basis-point cut next week.
Why This Bitcoin Resistance Level Is Important
Popular cryptocurrency analyst and trader Michaël van de Poppe identified $3,100-$3,150 as a key resistance level for Ethereum, expressing a desire to see it turn into a support zone.
"Well, it does say that buyers are willing to be stepping in on higher grounds than last week and that would signal a potential rally to $3,700," the analyst added.
Byzantine General, another widely followed cryptocurrency commentator on X, highlighted approximately $92,000 as a key resistance level for Bitcoin.
"If it breaks through it could fly over a $100,000 very quickly, but if it actually rejects here then we’re probably stuck in this $92,000 – $82,000 range for a while," the analyst projected.
Photo Courtesy: vinnstock on Shutterstock.com
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