Bitcoin, Ethereum Rise, Dogecoin Steady After Fed Cuts Rate: Analyst Predicts Apex Crypto’s Next Local Top At $85.4K If This Happens – Grayscale Bitcoin Mini Trust (BTC) Common Shares of Undivided Interest (ARCA: BTC)
Bitcoin click high all the time, and Ethereum increased as the Federal Reserve’s latest rate cut added to the market’s strength on Thursday.
| Financial income | Salaries +/- | Price (Reported at 7:30 pm ET) |
| Bitcoin BTC/USD | +1.46% | $76,365.42 |
| Ethereum ETH/USD |
+8.52% | $2,938.85 |
| Dogecoin DOGE/USD | -0.92% | $0.1943 |
What happened: the largest cryptocurrency in the world hit a new all-time high of $76,872.61, barely two days after creating records on the day of the presidential election in the US.
Ethereum strengthened above $2,900 for the first time in more than three months in the evening session.
Bitcoin market dominance rose above 60%, after a 3.44 percent gain in the last 24 hours, while Ethereum also saw a small increase in market share.
In the last 24 hours, 89,458 traders were eliminated, with the total amount of funds reaching $311.71 million. Short traders saw their positions worth $186 million evaporate in the session.
Bitcoin’s Open Interest rose by 2.88%, indicating the flow of new money into the commodity market.
Bitcoin’s Relative Strength Index (RSI) entered overbought territory, according to TradingView, strengthening the case for a pullback.
That said, market sentiment has dropped from “Extremely Greedy” to “Greedy,” according to the Cryptocurrency Fear and Greed Index.
Super Rich (24 hours)
| Financial income | Salaries +/- | Price (Reported at 7:30 pm ET) |
| Radium (RAY) | + 14.24% | $4.82 |
| Cardano (ADA) | + 13.49% | $0.4133 |
| Excrement (MNT) | + 13.17% | $0.6774 |
The global crypto currency stands at $2.5 trillion, after a decrease of 0.57% in the last 24 hours.
Stocks extended their winning streak on Thursday. The S&P 500 gained 0.74% to close at a new record high of 5,973.10. Technology is hard Nasdaq Composite it added 1.51% to end at 19,269.46, marking its first close above 19,000.
The Dow Jones industrial average traded near the flatline, down just 0.59 points to 43,729.34.
The development followed the Fed’s 0.25 percent rate cut, which brought the federal funds rate from 4.5% to 4.75%, the lowest since February 2023.
The Fed Chair Jerome Powell hinted at the possibility of further easing in the future but refused to give any indication of a rate cut at the December meeting, emphasizing a data-driven approach.
See more: Best Cryptocurrency Apps
Examiner’s Notes: A popular cryptocurrency analyst Ali Martinez said that Bitcoin could hit the top of the $85,360 area if it maintains support above $71,489, according to the MVRV Deviation Pricing Bands.
Martinez also drew attention to the coming “altcoin era”.
“This may be the right time to collect altcoins, as history shows that altseason usually follows shortly after,” the analyst added, referring to the ongoing regime before Bitcoin.
A widely followed cryptocurrency expert, who goes by a pseudonym Wolf called Ethereum the “best” risk/reward asset in the cryptocurrency market.
“Fundamentals have never been stronger, and technically, they are incredibly undervalued. The chart looks as strong as ever, with ground to hold against BTC and SOL,” the analyst added.
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