Bitcoin Rises As Traders Bet On Fed Rate Cut; Ethereum, XRP, Dogecoin Also Rally: Analyst Says Won’t Be ‘Surprised’ If ETH Tops $10,000
Leading cryptocurrencies rallied alongside stocks on Thursday as investors raised risk appetite in anticipation of interest rate cuts.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:40 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +1.46% | $115,626.25 |
| Ethereum (CRYPTO: ETH) |
+3.33% | $4,516.40 |
| XRP (CRYPTO: XRP) | +1.95% | $3.05 |
| Solana (CRYPTO: SOL) | +2.96% | $232.03 |
| Dogecoin (CRYPTO: DOGE) | +5.88% | $0.2610 |
‘Greed’ Sentiment Returns
Bitcoin climbed above $116,000 for the first time in nearly three weeks. Spot ETF inflows surpassed $757 million on Thursday, the largest since mid-July, according to data from SoSo Value.
Ethereum sailed past $4,500 overnight, the highest in two weeks. XRP also rose by nearly 2% in the 24-hour period.
Bitcoin’s dominance fell to 57.4%, while Ethereum’s market share was largely unchanged at 13.6%.
Over $345 million was liquidated from the cryptocurrency market in the last 24 hours, with $231 million in short positions erased. Meanwhile, more than $262 million in Bitcoin shorts risked liquidation if the apex cryptocurrency rises to $118,000.
Bitcoin’s open interest climbed 3.12% in the last 24 hours. Interestingly, Binance derivatives traders were betting against the price rise, according to the Long/Short Ratio.
The market sentiment flipped from “Neutral” to “Greed,” according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 9:40 … |
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