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Cryptocurrency King Crypto Shedding 2-Year Equities Reliance A Bull Market "Recipe," Says Analytics Platform, As Bitcoin, Dogecoin, and Ethereum Surge, Reaching 30-Month High

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    Major coins traded mixed at the time of publishing as the global cryptocurrency market cap rose 0.7% higher at $1.27 trillion.

    What Happened: The apex cryptocurrency hovered around the $34,600 mark on Wednesday night with Bitcoin dominance rising to a new 30-month high on the day. Notably, the King Crypto breached the $35,000 level intraday.

    CryptocurrencyGains +/-Price (Recorded at 9:58 p.m. EDT)
    Bitcoin BTC/USD+1.48%$34,695.78
    Ethereum ETH/USD-0.49%$1,798.44
    Dogecoin DOGE/USD+5.8%$0.07

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    Bitcoin dominance rate rose to 54.4%, which is the highest such level since April 2021, according to TradingView data.


    1-Year Bitcoin Dominance Chart, Courtesy Trading View

    Analyst Takes: Edward Moya, a Senior Market Analyst with OANDA, said that the short-term bull case for Bitcoin has been made and it will remain intact until there is more clarity on the U.S. spot Bitcoin ETF.

    Top Gainer (24-Hours)

    CryptocurrencyGains +/-Price (Recorded at 10:03 p.m. EDT)
    Pepe (PEPE)+26.47%$0.0000012
    The Graph (GRT)+8.85%$0.1
    Rocket Pool (RPL)+7.93%$24.97

    "The risk that an SEC approval will trigger a ‘sell the event' reaction is elevated, but that won't stop the institutional money from enjoying the ride higher.  With $250 million in short liquidations in the books, a lot of traders are keen on jumping on this move higher," said Moya, in a note seen by Benzinga.

    Cryptocurrency trader Michaël van de Poppe congratulated his followers on having survived the Crypto "bear market."

    He noted on Wednesday that Bitcoin was "essentially just consolidating." Van de Poppe, wrote on X, formerly Twitter, "If we sweep $33.1 and get towards $32.6K, basically long entry zone. Getting above the highs, we’ll see how fast things start to move. Most upside of the move is probably already in, but it’s strong that we’re consolidating here."

    #Bitcoin essentially just consolidating.

    If we sweep $33.1 and get towards $32.6K, basically long entry zone.

    Getting above the highs, we'll see how fast things start to move.

    Most upside of the move is probably already in, but it's strong that we're consolidating here. pic.twitter.com/uKtZzpw741

    — Michaël van de Poppe (@CryptoMichNL) October 25, 2023

    Market intelligence platform Santiment noted that Bitcoin "scratched its way" to a new 17-month high even as other risk assets such as equities declined on Wednesday.

    "[crypto] market caps are growing as the #SP500 declines. This suggests that $BTC’s & #altcoins’ 2-year reliance on #equities is gone, a typical recipe for #bullmarket conditions," said Santiment on X."

    Photo by Fernando Cortes on Shutterstock

    Read Next: If You Had Invested $100 In Bitcoin When It Was Last Declared Dead, By Chamath Palihapitiya, Here’s How Much You’d Have Today

    © 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.


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