Bitcoin Closing In On $104,000, Ethereum, Dogecoin Soar On Trade Deal Optimism: Analytics Firm Says Bullish Sentiment A ‘Double-Edged Sword’
The cryptocurrency market rallied sharply on Thursday after the Trump administration inked a trade deal with the United Kingdom.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:00 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | +4.81% | $102,675.77 |
| Ethereum (CRYPTO: ETH) |
+20.05% | $2,195.20 |
| Dogecoin (CRYPTO: DOGE) | +10.98% | $0.1948 |
What Happened: Bitcoin breached the $100,000 milestone after a wait of three months, catalyzing a broader market uptick. The apex cryptocurrency nearly tapped $104,000 in a volatile session, with trading volume increasing by 59% in the last 24 hours.
Bitcoin’s gains were overwhelmed by its younger sibling, Ethereum, which burst out after weeks of sideways trading around the $1,800 range. The second-largest cryptocurrency breached $2,200, a level not seen in over two months.
The rally pushed Ethereum’s market dominance past 8% for the first time in over a month.
Bearish leveraged traders took in huge losses as the rally wiped out nearly $800 million in short positions.
Interestingly, Bitcoin’s Open Interest dropped 0.20% in the last 24 hours, indicating that the rally may have been driven by short covering. On the other hand, Ethereum’s Open Interest …
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