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| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
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Leading cryptocurrencies rallied alongside stocks on Wednesday, as investors shifted to risk-taking ahead of Thanksgiving festivities.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:15 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +3.71% | $90,739.79 |
| Ethereum (CRYPTO: ETH) | +2.90% | $3,036.45 |
| XRP (CRYPTO: XRP) | +1.42% | $2.22 |
| Solana (CRYPTO: SOL) | +2.92% | $142.92 |
| Dogecoin (CRYPTO: DOGE) | +1.58% | $0.1548 |
Bitcoin surged to an intraday high of $90,819, continuing its strong Thanksgiving week rebound.
Ethereum broke through the $3,000 barrier after a week, although trading activity for the second-largest cryptocurrency remained thin. XRP and Dogecoin gained 1.42% and 1.58%, respectively, in the last 24 hours.
Bitcoin's dominance dipped below 58%, while Ethereum's market share fell to 11.8%.
Shares of Bitcoin treasury company Strategy Inc. (NASDAQ:MSTR) lifted 2% during the regular trading session.
Benzinga Edge delivers real-time stock alerts, trade ideas, and professional investing tools to help you navigate the market. Find out more about MSTR here.
Cryptocurrency liquidations reached $270 million in the last 24 hours, according to Coinglass, with $192 in bearish shorts wiped out.
Bitcoin's open interest increased by 2.38% to $61 billion in the last 24 hours. More than 67% of Binance top traders, i.e, the top 20% users with the highest margin balance, were positioned long on the leading cryptocurrency.
That said, the “Extreme Fear” sentiment persisted in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 8:15 p.m. ET) |
|---|---|---|
| Merlin Chain (MERL ) | +144.55% | $0.5261 |
| Brett (Based) (BRETT) | +20.13% | $0.01919 |
| Dash (DASH ) | +19.72% | $69.59 |
The global cryptocurrency market capitalization stood at $3.1 trillion, growing by 2.58% in the last 24 hours.
The stock market extended its winning streak on Wednesday. The Dow Jones Industrial Average rallied 314.67 points, or 0.67%, to end at 47,427.12. The S&P 500 gained 0.69% to settle at 6,812.61, while the tech-focused Nasdaq Composite rose 0.82% to close at 23,214.69.
Fresh labor market data boosted sentiment, as initial jobless claims for the week ending Nov. 22 fell to 216,000 from 222,000, beating expectations of 225,000.
Expectations for a December rate cut remained high, with traders pricing in a 84% possibility of 25 basis point cut decrease, according to the CME FedWatch tool.
The New York Stock Exchange and the Nasdaq will be closed Thursday for Thanksgiving.
Widely followed cryptocurrency analyst and trader Ali Martinez highlighted that The Puell Multiple, a metric tracking Bitcoin miners’ daily revenue against its yearly average, currently stood at 0.67.
Historically, when the indicator has dropped below 0.50, it has marked Bitcoin cycle bottoms, Martinez added.
Michaël van de Poppe, another well-known cryptocurrency market commentator, stated that BTC is at a crucial level and a break above $92,000 by month-end could confirm the recent low below $80,000 as a cycle bottom.
Photo Courtesy: Marc Bruxelle on Shutterstock.com
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