Leading cryptocurrencies rallied on Wednesday on soaring institutional interest, Nvidia Corp.’s NVDA $4 trillion push.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:05 p.m. ET) |
|---|---|---|
| Bitcoin BTC/USD | +1.83% | $110,964.87 |
| Ethereum ETH/USD | +5.53% | $2,758.68 |
| Dogecoin DOGE/USD | +4.84% | $0.1790 |
What Happened: Bitcoin hit a new all-time high above $112,000 late afternoon before easing to the early $111,000s overnight. The apex cryptocurrency's trading volume rose by over 38% in the last 24 hours.
Institutional appetite grew, with Bitcoin exchange-traded funds recording more than $75 million in net inflows as of July 9, according to SoSo Value.
Ethereum, the second-largest cryptocurrency, raced to an intraday high of $2,794, with trading volume surging by 68%.
The rally wiped out nearly $448 million in bearish shorts over the last 24 hours.
Bitcoin's open interest jumped 6.46% in the last 24 hours, signaling high speculative interest in the leading digital asset.
The "Greed" sentiment strengthened in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:05 p.m. ET) |
|---|---|---|
| dogwifhat (WIF) | +12.08% | $0.9453 |
| SPX6900 (SPX) | +10.98% | $1.51 |
| Stellar (XLM) | +9.95% | $0.2858 |
The global cryptocurrency market capitalization surged to $3.46 trillion, following a 2.58% jump in the last 24 hours.
Stocks rallied on Wednesday. The Dow Jones Industrial Average spiked 217.54 points, or 0.49%, to end at 44,458.30. The S&P 500 rose 0.61% to end at 6,263.26. The tech-heavy Nasdaq Composite climbed 0.95% to close at a record high of 20,611.34.
Artificial intelligence darling Nvidia spurred the rally, closing 1.77% higher and exceeding the historic $4 trillion market capitalization milestone.
See More: Best Cryptocurrency Scanners
Analyst Notes: Blockchain analytics firm Santiment stated that Bitcoin's breakout followed panic selling by retailers who were dropping out due to "boredom or disbelief."
"History has shown that this is a prime sign of a potential breakout, as crypto markets typically move the opposite direction of the crowd’s expectations," Santiment remarked.
Seasoned trader Peter Brandt spotted an expanding inverted triangle pattern in Bitcoin's daily price movement, suggesting a higher risk of "mortality" or pattern failure.
An inverted triangle pattern, or descending triangle, is a bearish chart formation characterized by a horizontal support line and a descending resistance line.
"Nevertheless, I am long BTC. A decline below $107,000 would suggest morphology," he added.
Photo: Antonio Gravante On Shutterstock.com
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