Leading cryptocurrencies bounced back on Wednesday as President Donald Trump pledged support to the industry.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:00 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +2.84% | $103,435.58 |
|
Ethereum (CRYPTO: ETH) |
+5.06% | $3,407.30 |
| XRP (CRYPTO: XRP) | +8.66% | $2.34 |
| Solana (CRYPTO: SOL) | +5.87% | $160.85 |
| Dogecoin (CRYPTO: DOGE) | +4.64% | $0.1662 |
Market Sentiment Sees Slight Improvement
Bitcoin saw a relief bounce, reaching an intraday high of $104,534.70. The apex cryptocurrency's spike spurred a broader rally, with Ethereum reclaiming $3,400.
The rally comes as Trump reiterated his promise to make the U.S. a "Bitcoin Superpower" and claimed that he ended the previous administration's "War On Crypto."
Overall sentiment stayed subdued, with BTC and ETH still 18% and 31%, respectively, below their all-time highs set earlier this year.
Over $313 million was liquidated from the cryptocurrency market in the last 24 hours, according to Coinglass, with short position traders bearing the brunt of the losses.
Bitcoin's open interest rose 1.59% in the last 24 hours, suggesting renewed interest among derivatives traders.
The market sentiment improved from "Extreme Fear" to "Fear," according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 9:00 p.m. ET) |
|---|---|---|
| Giggle Fund (GIGGLE ) | +147.23% | $238.54 |
|
SOON (SOON) |
+111.36% | $1.48 |
| 1inch (1INCH ) | +32.22% | $0.1890 |
The global cryptocurrency market capitalization stood at $3.43 trillion, rebounding by nearly 4% in the last 24 hours.
Stocks Recover Amid Encouraging Labor Market Data
Stocks bounced back on Wednesday. The Dow Jones Industrial Average rallied 225.76 points, or 0.48%, to close at 47,311.00. The S&P 500 gained 0.37% to end at 6,796.29, while the tech-heavy Nasdaq Composite closed up at 23,499.80.
The ADP National Employment Report showed that 42,000 jobs were added in October, a reversal from the 32,000 jobs lost in September and exceeding economists’ consensus forecast of 25,000, offering some optimism to investors.
Official labor market data from the Bureau of Labor Statistics remains paused due to the ongoing government shutdown.
Crypto Market In ‘Corrective’ Phase
In a note shared with Benzinga, analysts at cryptocurrency payment company B2BINPAY stated that the market is in a "corrective" phase, not in a "bearish" phase.
"In our view, the $100,000 level is the most important support for Bitcoin. Holding it means that hopes for future upward movement are still in place, with potential for recovery toward $115 000–$120 000 as soon as ETF flows stabilize and macro sentiment improves," the analysts projected.
On-chain analytics firm CryptoQuant stated that Bitcoin risks plunging to $72,000 if it fails to reclaim and hold its 365-day moving average i.e, $102,000, which has historically acted as a "key technical and psychological support."
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