Bitcoin price remains stable while Ethereum, XRP, and Dogecoin experience gains
On Thursday morning, the cryptocurrency markets are displaying a mixed trading scenario, with Bitcoin experiencing a slight decline while altcoins are showing stronger performance. Bitcoin is currently trading at $117,620, Ethereum at $3,423, Solana at $175.20, XRP at $3.25, Dogecoin at $0.2138, and Shiba Inu at $0.00001442.
According to IntoTheBlock data, there has been an 18.2% decrease in large transactions for Bitcoin and a 54.6% increase for Ethereum. Daily active addresses have also seen a 4% drop for Bitcoin and a 5% rise for Ethereum. Coinglass data highlights that over the past 24 hours, 145,767 traders were liquidated, resulting in a loss of $544.11 million. Furthermore, SoSoValue data shows net inflows of $799.4 million into spot Bitcoin ETFs and $726.7 million into spot Ethereum ETFs on Wednesday.
Crypto trader Jelle believes that Bitcoin’s increase in value is due to the continuous rise in global liquidity, acting as a macroeconomic tailwind driving its growth. Given this backdrop, the longstanding target of $150,000 for Bitcoin is now considered conservative, hinting at potential for even higher valuations. Another crypto trader, Posty, points out that Bitcoin has broken out of a cup and handle pattern, pushing its value up to $123,000. If it follows the same 59% rally pattern as before, the next projected surge could see it reaching around $150,000.
Ted Pillows, a partner at OKX, suggests that Ethereum is steadily moving towards $4,000, and any temporary setbacks could serve as opportunities for investors to buy on the dip. Crypto chart analyst Ali Martinez also anticipates positive momentum for Dogecoin, as a significant bullish breakout on its chart hints at a forthcoming uptrend.
Additionally, Daan Crypto Traders observed that Solana has exceeded its daily 200MA/EMA and is nearing the crucial $180 resistance level, posing a challenge it hasn’t decisively overcome in nearly five months. Although meme coins have been performing well and providing tailwinds for SOL, the breakout at $180 remains a critical level to watch.
Overall, market experts and traders are optimistic about the growth potential of various cryptocurrencies, with Bitcoin, Ethereum, Dogecoin, and Solana showcasing promising signs of upward movement. The fluctuating market conditions suggest that investors should remain vigilant and seize opportunities for profit as they arise.
