Bitcoin Back Crossed $100,000, Ethereum Hit $4,000: Friday In Review

Author: Khyathi Dalal | December 07, 2024 08:37am

Cryptocurrency markets had a bullish Friday, with Bitcoin's surpassing $100,000 for the second time and Ethereum crossing $4,000.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$99,468	+1.1%
Ethereum (CRYPTO: ETH)	$4,004	+2.9%
Solana (CRYPTO: SOL)	$238.43	+1.5%
Dogecoin (CRYPTO: DOGE)	$0.4478	+4%
Shiba Inu (CRYPTO: SHIB)	$0.00003131	+4.1%

Notable Statistics:

• IntoTheBlock data shows large transaction volume increasing by 73.2% and daily active addresses growing by 8.5%. Transactions greater than $100,000 are up from 13,754 to 18,967 in a single day. Exchanges netflows are down by 149.9%.
• Coinglass data reports 152,488 traders were liquidated in the past 24 hours for $838.66 million.
• IntoTheBlock data shows altcoins reclaiming a significant share of the overall market dominance.

Notable Developments:

• Major Banks Advance Blockchain Use With Digital Cash, Stablecoins
• EXCLUSIVE: Bitcoin Briefly Tops $100,000, But Where Do Benzinga Readers Predict It Will Finish 2024?
• Bitcoin Reserve Would ‘Benefit Special Interest Groups,’ Former Fed Chairman Warns
• Happy 11th Birthday, Dogecoin! Trader Anticipates ‘Violent Upside Move’ If 3-Week Accumulation Breaks
• Dave Portnoy Blames Winklevoss Twins For Confusing Him Into Selling Bitcoin Too Early

Trader Notes: With Bitcoin prices crossing the $100,000 mark the second time, crypto trader Emperor sees this breakout being much healthier, thanks to spot-driven buying.

Crypto trader Seth calls this scenario as a “Happy Bullish Friday.” He added that Bitcoin open interest just keeps on dropping and shorts are getting liquidated.

#Bitcoin open interest just keep on dropping. Shorts are getting liquidated….

This is too good to be true! Happy Bullish Friday! 🥳 https://t.co/1uMGEOiJsP pic.twitter.com/yQggbv7VB4

— Seth (@seth_fin) December 6, 2024

More Crypto Online explained that the crypto market is in fierce struggle with no clear winner, resembling a battle for control.

Bulls faced heavy liquidations on Thuesday, followed by losses for short traders on Friday. He predicts that the key level to watch for Bitcoin is $97,450; falling below it could weaken bulls further.

Read Next: 

• Bitcoin’s Flash Crash Is A ‘Classic Bull Market Shakeout,’ Says Trader: Watch These 3 Scenarios

Image: Shutterstock

Posted In: $BTC $DOGE $ETH $SHIB $SOL