Home Crypto Market Movers Crypto Market Roars into 2024: BTC, ETH, SOL, XRP, and Altcoins Surge – Here’s the Buzz Explained

Crypto Market Roars into 2024: BTC, ETH, SOL, XRP, and Altcoins Surge – Here’s the Buzz Explained

Amid the dawn of 2024, the crypto universe is ablaze with excitement as major players like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, and several altcoins embark on an exhilarating rally. This surge, which saw Bitcoin dominance climbing to 50.94%, has propelled the global crypto market cap to a soaring $1.75 trillion, reminiscent of the heights last witnessed in May 2022. What’s triggering this remarkable upswing, and what does it mean for crypto enthusiasts and investors worldwide?

Understanding the Rally’s Origin:

The roots of this thrilling market rally were sown on New Year’s Day, as a wave of positive sentiment swept through the crypto landscape. This surge was bolstered by growing anticipation surrounding the potential approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC), speculated to occur around January 10, 2024.

Driving Forces Behind Bitcoin’s Surge:

Despite concerns stemming from the complete wipeout of Bitcoin and Ethereum open interests (OI) during an $11 billion annual expiry in the past week, the crypto market initiated a bullish spree in line with CoinGape’s prediction on December 30. Bitcoin and Ethereum futures and options OI have since witnessed a gradual ascent.

Notably, over $160 million in liquidations were recorded within the past 24 hours. Coinglass data reveals staggering figures, with more than $130 million liquidated today alone, affecting over 46,000 traders. Among these, the largest single liquidation order on Binance’s BTCUSDT was valued at $10.16 million. This massive shorts liquidation, surpassing $200 million, has painted the broader crypto market “green” today.

The total Bitcoin futures OI across all exchanges skyrocketed nearly 10% to a staggering $20 billion, with significant jumps of 7.76% and 14.20% in BTC OI on CME and Binance, respectively. Concurrently, BTC options data displayed an overwhelming 70% of calls dominating the trading volume in the last 24 hours.

In tandem, Ethereum’s futures OI surged to $8.24 billion, marking a 9% increase within the same 24-hour period. Major exchanges like Binance, Bybit, and OKX observed a simultaneous rise of 9-11% in ETH OI. Moreover, ETH options data exhibited 75% of calls, signifying a bullish sentiment among investors.

Factors Amplifying the Rally:

The Bitcoin funding rate ascended to an impressive 66%, indicating a strong inclination among bulls to retain their positions. Matrixport reported a trend among Bitcoin mining companies to restrict supply leading up to the anticipated halving cycles in April 2024, potentially influencing market dynamics.

Coinbase Premium Gap, a significant indicator, displayed an upward trajectory on January 2, suggesting robust buying pressure for Bitcoin. This surge in trading activity spurred fresh bets among traders and investors alike.

Crypto Market in Action:

Bitcoin surged by 8% over the last 24 hours, currently trading at $45,765, with a trading volume surge of 92%. Ethereum climbed by 7%, while Solana (SOL) experienced an astonishing 12% surge, driven by heightened activity on its blockchain. Other altcoins like XRP, ADA, AVAX, DOGE, DOT, and MATIC saw gains ranging from 3-7% amidst this broader market recovery.

The Thrilling Future Ahead:

As the crypto market rings in the new year with an electrifying start, this rally sets the stage for an exhilarating journey ahead. The drivers behind this surge, from increased OI to bullish sentiments and potential ETF approvals, have ignited a renewed fervor among investors and traders globally.

The current momentum reflects a promising trajectory, showcasing the resilience and potential of cryptocurrencies in mainstream finance. Buckle up, as the crypto rollercoaster ride promises more excitement and opportunities in the days to come.

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dan saada

Dan hold a master of finance from the ISEG (France) , Dan is also a Fan of cryptocurrencies and mining. Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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