Leading cryptocurrencies gave a thumbs up to Donald Trump’s presidential victory in anticipation of a friendlier White House.
|
Cryptocurrency |
Gains +/- |
Price (Recorded at 7:30 p.m. ET) |
|
Bitcoin (CRYPTO: BTC) |
+6.15% |
$75,185.83 |
|
Ethereum (CRYPTO: ETH) |
+9.67% |
$2,706.00 |
|
Dogecoin (CRYPTO: DOGE) |
+8.18% |
$0.1941 |
What Happened: Bitcoin bettered its previous all-time high established in March with a handsome rally that pushed it above $75,000 for the first time.
The apex cryptocurrency’s fourth-quarter gains increased to 18.74%, with history showing average returns of 83%.
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Ethereum jumped to levels last seen in late August, while Dogecoin spiked over 8%.
Ethereum also encountered heavy sell-offs, while Dogecoin outperformed the market with over 8% gains in the last 24 hours.
Bearish leveraged traders witnessed a bloodbath, with nearly $400 million in short positions getting wiped out in the last 24 hours.
Bitcoin’s Open Interest surged 9.30%, indicating a significant rise in speculative interest. Most top traders on the cryptocurrency exchange Binance leaned toward bullish positions, as the Binance Top Trader Long/Short Ratio was 1.48 as of this writing.
Market sentiment snowballed to “Extreme Greed,” as per the Cryptocurrency Fear and Greed Index, raising concerns of a correction.
See Also: Dogecoin millionaires are increasing – investors with $1M+ in DOGE revealed
Top Gainers (24-Hours)
|
Cryptocurrency |
Gains +/- |
Price (Recorded at 7:30 p.m. ET) |
|
First Neiro On Ethereum (NEIRO) |
+59.56% |
$0.002222 |
|
Ethena (ENA) |
+36.18% |
$0.5015 |
|
Bittens (TAO) |
+32.70% |
$1.32 |
The global cryptocurrency stood at $2.47 trillion, following an increase of 5.55% in the last 24 hours.
Stocks erupted in a frenzy on Wednesday. The Dow Jones Industrial Average jumped 1,508.05 points, or 3.57%, to a record close at 43,729.93.
The S&P 500 lifted 2.53% to end at 5,929.04, while the tech-focused Nasdaq Composite gained 2.95% to close at 18,983.47. Both of these indexes notched a new record as well.
The benchmarks were helped by a 14.8% rally in the shares of Tesla Inc. (NASDAQ:TSLA), the tech behemoth whose CEO Elon Musk geared up for a potential role in the new Trump administration.
