Bitcoin, Dogecoin Gain, While Ethereum, XRP Move Sideways; Analyst Says BTC’s Top Still Not ‘On The Horizon’
Bitcoin rallied alongside the S&P 500 on Wednesday, even as the Federal Reserve’s minutes raised tariff-induced inflation concerns.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:20 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +0.54% | $122,663.00 |
| Ethereum (CRYPTO: ETH) |
+0.14% | $4,488.45 |
| XRP (CRYPTO: XRP) | -0.26% | $2.86 |
| Solana (CRYPTO: SOL) | +2.83% | $227.54 |
| Dogecoin (CRYPTO: DOGE) | +1.58% | $0.2530 |
Bitcoin Recovers, But Open Interest Drops
Bitcoin rebounded after the Tuesday pullback, leaping to intraday highs at $124,167.09 before settling in the $122,000 region overnight.
Ethereum moved sideways in the $4.500 region, as trading volume slumped 29% over the last 24 hours.
Bitcoin’s dominance stayed just above 58%, while Ethereum’s market share fell below 13%.
Cryptocurrency liquidations reached $325 million in the last 24 hours, with nearly equal amounts of longs and shorts evaporated, according to Coinglass.
Interestingly, Bitcoin’s open interest dropped 1.31%. A drop in open interest coming alongside a price increase typically indicates short position traders closing their positions.
Meanwhile, nearly 60% of Binance traders with open BTC positions were short as of this writing.
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