Here’s Why BTC, ETH, SOL, XRP, and Others Are Soaring Today
The value of the global crypto market increased by more than 6% today to $1.75, reaching the May 2022 level, supported by a 30% increase in total crypto market volume in the last 24 hours. Bitcoin dominance is on the rise again 50.94% after a spectacular 8% rise in the last day. On the other hand, Ethereum (ETH) price increased by 7% to $2,428 and is gaining momentum towards the 3,000 level.
The broader rally in the crypto market began on New Year’s Day as positive sentiment increased ahead of Bitcoin ETF approval by the U.S. Securities and Exchange Commission (SEC) near January 10, 2024.
Why Is Bitcoin and the Crypto Market Rallying?
As CoinGape predicted on December 30, the crypto market has started 2024 with a bullish rally despite concerns about Bitcoin and Ethereum’s $11 billion in open interest (OI) being completely wiped out at the end of last week’s annual expiration. Bitcoin and Ethereum futures and options OI are slowly starting to rise.
The crypto market has seen over $160 million in liquidations in the last 24 hours. Coinglass data points to over $130 million in massive short-seller liquidations today, October 9th. more than 46k Traders were liquidated in the last 24 hours, with the largest single liquidation order occurring on: BinanceBTCUSDT value $10.16 million. As a result of over $200 million in short position liquidations, the broader crypto market is in the “green” today.
In addition total Bitcoin futures OI It rose by almost 10% to $20 billion across all stock markets. BTC OI is open CME And binance increased by 7.76% and 14.20% respectively. So BTC options data saw 70% of calls with the highest volume in the last 24 hours.
total Ethereum futures OI It increased by 9% in the last 24 hours to 8.24 billion dollars. ETH OI on top three futures crypto exchange Binance, Bybit and OKX increased by 9-11%. So, ETH options data saw 75% of calls in the last 24 hours.
CoinGape also reported that the Bitcoin funding rate reached a staggering 66%; This shows that the bulls are willing to protect their positions. Matrixport reported that Bitcoin mining companies tend to limit supply around halving cycles, which are expected for April 2024.
Coinbase Premium Gap It started increasing again on January 2, indicating strong Bitcoin buying pressure on Coinbase. BTC price suddenly began to move as traders and investors placed new bets.
Also Read: solana Labs Co-Founder Addresses Community Concerns About Ecosystem Safety
Crypto Market Rally: Bitcoin and Altcoin Prices
BTC price has increased by 8% in the last 24 hours and the price is currently trading at $45,765. The 24-hour low and high are $42,547 and $45,899 respectively. Additionally, the 92% increase in trading volume in the last 24 hours shows that investors’ interest has increased.
Ethereum is up 7% and SOL has skyrocketed 12% amid increased activity on the chain. Meanwhile, other altcoins XRP, ADA, AVAX, DOGE, DOT and MATIC are up 3-7% in the last 24 hours amid a broader recovery.
Also Read: Binance Burns $5.57 Billion terra luna Classic, LUNC and USTC Prices Increase Over 7%
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Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with CoinGape Media. He currently covers the latest updates and developments in the crypto industry.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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