Bitcoin, Dogecoin Slide, Ethereum Gains Amid Hotter-Than-Expected Inflation Data: Top Analyst Says Its ‘Onwards And Upwards’ For Altcoins
Bitcoin gave up early gains, but Ethereum was on the move on Thursday as fresh inflation data slashed expectations of interest rate cuts.
| Cryptocurrency | Gains +/- | Price (Recorded at 7:30 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | -0.59% | $100,315.71 |
| Ethereum (CRYPTO: ETH) |
+1.89% | $3,900.97 |
| Dogecoin (CRYPTO: DOGE) | -0.80% | $0.4088 |
What Happened: Bitcoin soared to $102,250 in early trading after President-elect Donald Trump shared positive thoughts on the cryptocurrency after ringing the New York Stock Exchange opening bell.
However, profit-takers took control as the digital asset reversed direction, plunging below $99,000 in the next two hours.
Ethereum maintained a healthier trajectory, rising to an intraday high of $3,986 before a pullback to $3,837.
Total cryptocurrency liquidations exceeded $318 million in the last 24 hours, with nearly $200 million in upside bets getting erased.
Bitcoin’s Open Interest rose by 1.36% in the last 24 hours. A rise in OI, coinciding with a price drop, indicated an increase in short positions.
The Long/Short Ratio lent credence to this narrative, as downside bets surpassed bullish bets over the last …
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