Bitcoin Surpasses $17,000, Ethereum, Dogecoin Extend Gains As Analyst Sees Crypto Rally This Week – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)

  • Bitcoin BTC/USD and Ethereum ETH/USD surged late Sunday evening, joining the rest of the top 10 cryptocurrencies by market capitalization in significant appreciation.
Coins Price Earnings (recorded at 9 p.m. ET)
Bitcoin $17,175 +3.42%
Ethereum $1,292 +7.84%
  • What happened: Bitcoin rose 3.42% to $17,175 in the past 24 hours, surpassing the $17,000 level, while ETH gained 7.84% to $1,292, according to data from CoinMarketCap.
  • Same corner Dogecoin DOGE/USD also posted positive gains, rising 4% to $0.075.
  • The total crypto market capitalization increased by 2.77%, reaching $845.4 billion.
  • The Dow Jones Industrial Average rose 2.1%, the S&P 500 index rose 2.3% and the Nasdaq Composite Index ended its session up 2.6% on Friday.
  • It was the best day on record for the Dow and S&P 500 since Nov. 30 and the Nasdaq’s best since Dec. 29.

To see Following: Best Crypto Day Trading Strategies

  • Analyst View: Popular Cryptocurrency Analyst Michael Van De Poppe predicted a major rally this week, but warned of a minor decline on Monday following Gemini or other corrections.
  • Last week, lender Crytpo Genesis cut 60 jobs, or 30% of its workforce, as it tried to save money and avoid filing for bankruptcy.
  • CryptoSlate’s analysis of Glassnode data indicates a marked increase in open interest in Bitcoin and Ethereum.
  • The analysis showed a clear trend of significantly more call options than put options, indicating strong bullish sentiment among options traders. Bitcoin saw its highest demand levels in the $15,000-$20,000 range, where its buy and sell options are roughly equal.
  • This is not surprising given its recent consolidation since the FTX collapse, which kept it within this general price range.

More than 85% of Bitcoin would not have moved, according to ‘Documenting Bitcoin’, a source for all BTC stories.

Read more : Genesis-backed crypto lender Billionaire cuts 30% of jobs months after laying off 20% of staff

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