Bitcoin, Ethereum, Dogecoin Recover From Mid-Day Slump, Close Day Strong On Powell's 'Digital Gold' Remarks

Author: Khyathi Dalal | December 04, 2024 04:53pm

Cryptocurrency markets are trading higher on Wednesday, bolstered by Federal Reserve Chair Jerome Powell calling it “digital gold.”

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$97,718	+1.6%
Ethereum (CRYPTO: ETH)	$3,838	+6.0%
Solana (CRYPTO: SOL)	$230.86	-3.2%
Dogecoin (CRYPTO: DOGE)	$0.4222	+2.2%
Shiba Inu (CRYPTO: SHIB)	$0.00003057	+6.2%

Notable Statistics:

• IntoTheBlock data shows large transaction volume decreasing by 10% and daily active addresses down by 0.3%. Transactions greater than $100,000 are up from 12,355 to 13,081 in a single day. Exchanges netflows are up by 89.6%.
• Coinglass data reports 164,631 traders were liquidated in the past 24 hours for $419.58 million.
• Crypto chart analyst Ali Martinez noted that around 400 new Bitcoin whales have joined the network in the last two weeks.

Notable Developments:

• Vladimir Putin Says ‘Nobody Can Ban Bitcoin,’ Stresses Crypto Will Develop ‘One Way Or The Other’
• Telegram-Related TON Crypto Secures $20 Million Raise From Pantera Capital, Down 13% From All-Time High
• NYC Mayor Eric Adams Takes Victory Lap: ‘Remember Y’All Laughed When I First Got My Bitcoin? Who’s Laughing Now?’
• Bitcoin, Ethereum ETFs Recorded Over $800 Million In Inflows On Tuesday
• Michael Saylor Says Microsoft Could Add $4 Trillion In Valuation By Investing In Bitcoin

Top Gainers:

Cryptocurrency	Price	Gains +/-
The Sandbox (CRYPTO: SAND)	$1.04	+36.6%
Curve DAO Token (CRYPTO: CRV)	$1.14	+33.3%
Mantle (CRYPTO: MNT)	$1.12	+26.3%

Trader Notes: With Bitcoin prices trading higher, crypto trader Rekt Capital emphasizes the importance of the crypto king closing above $97,000 to confirm a breakout and revisit $100,000.

#BTC

Bitcoin needs a Daily Close above ~$97,000 to confirm a breakout from this structure to revisit $100,000$BTC #Crypto #Bitcoin https://t.co/6377QJiA8G pic.twitter.com/fZfuGoh9b6

— Rekt Capital (@rektcapital) December 4, 2024

Crypto trader Javon Marks notes Bitcoin following a near-textbook bullish pattern, targeting a 20.1% gain with a price goal of $116,652.

Crypto Wizardd predicts a potential "giga liquidation event," with a sell-off pushing prices to $65,000 before recovering to a range of $115,000–$120,000. He views $120,000 as Bitcoin’s peak, with possible consolidation between $90,000–$110,000.

The trader forecasts the bull cycle could end by April/May 2025, with an altcoin season likely starting in Q1 2025.

Read Next: 

• Bitcoin Surge Powers Riot, Marathon Into Golden Cross Territory: Are Crypto Bulls Back?

Image: Shutterstock

Posted In: $BTC $CRV $DOGE $ETH $MNT $SAND $SHIB $SOL