Daily Crypto Signals: Bitcoin Nears $100K, Ethereum Rallies, and Other Significant Developments
The cryptocurrency scene saw noteworthy advancements in Bitcoin, Ethereum, and the larger digital asset ecosystem during a day of remarkable market moves.
Bitcoin Gets Closer to $100K, Volatility Increases
On Wednesday, Bitcoin BTC/USD briefly hit the $97,000 level, which led to a lot of conjecture that it might hit the $100,000 milestone before the year was out. The top cryptocurrency rose 3.3% during the course of a day before dropping to about $95,500.
Several positive indications are cited by market analysts, including:
- $103 million in strong ETF inflows
- Bitcoin miners’ renewed optimism
- Possible macroeconomic changes that favor scarce assets
Ethereum Experiences a Big Upswing
Ethereum ETH/USD had a significant uptick, increasing 7% and surpassing the overall cryptocurrency market. The following significant events are fueling Ethereum’s growth:
- Record futures market open interest exceeding $24 billion
- Bitwise’s filing for a 10 Crypto Index Fund ETF
- Increasing on-chain activity and new wallet creations
Raydium (RAY): The Hottest Crypto Performer in Solana
With the highest annualized perpetual funding rates in the current cryptocurrency market—more than 160%—Raydium’s native cryptocurrency, RAY, has become a noteworthy token. With traders massively skewing long positions in the token of the Solana-based decentralized exchange, this unprecedented metric indicates an extremely positive market sentiment.
Due to its unique market stance, RAY is vulnerable to possible volatility, including the risk of a “long squeeze” in which leveraged traders may be compelled to quickly liquidate their positions. RAY continues to draw a lot of trader attention despite the recent slowdown in market activity, underscoring the continued vibrancy of the Solana ecosystem and the larger cryptocurrency scene.
Crypto Exchange XT.com Loses $1.7 in Hack?
Withdrawals were suspended by cryptocurrency exchange XT.com following a suspected attack that resulted in assets worth about $1.7 million being stolen. According to a report from blockchain security company PeckShield, the hacker had already moved some of the stolen money to Ethereum.
The DeFi Ecosystem Is Strong
A record monthly volume of $38 billion was recorded by Uniswap, a well-known decentralized finance (DeFi) platform, across Ethereum layer-2 networks. This indicates a growing interest in decentralized finance, as it represents a $4 billion rise from its previous high.
The mining industry heavily invests in the public In 2024, a total of $3.6 billion was spent by bitcoin mining businesses on improvements to their plant, property, and equipment (PP&E). The convertible note issue by Marathon Digital and the purchase of 6,500 ASIC mining units by Hive Digital are noteworthy purchases.
Market Attitudes and the Macroeconomic Environment
In addition to potential political and economic changes, traders are keeping an eye on broader market patterns. Market optimism has been attributed to President-elect Trump’s selection of Scott Bessent as Treasury Secretary.
With Bitcoin approaching the $100,000 psychological barrier and Ethereum showing strong technical indicators, the cryptocurrency market remains dynamic and potentially poised for further growth.
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