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| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
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Leading cryptocurrencies lifted alongside stocks on Wednesday, as soft private jobs data strengthened investor hopes that the Federal Reserve would slash interest rates next week.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:20 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +1.59% | $93,975.99 |
| Ethereum (CRYPTO: ETH) | +6.57% | $3,210.98 |
| XRP (CRYPTO: XRP) | +2.06% | $2.20 |
| Solana (CRYPTO: SOL) | +5.53% | $145.94 |
| Dogecoin (CRYPTO: DOGE) | +4.01% | $0.1521 |
Bitcoin covered further ground on Wednesday, climbing back above $94,000 for the first time in over two weeks.
Ethereum also advanced to levels last seen three weeks ago, with trading volume surging nearly 20% over the last 24 hours. XRP and Dogecoin added to their gains.
Shares of cryptocurrency-linked stocks such as Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closed up 3.89% and 5.48%, respectively, 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 and BMNR here.
Cryptocurrency liquidations hit $400 million over the last 24 hours, according to Coinglass, with short liquidations accounting for 75% of the total.
Bitcoin's open interest increased 0.95% in the last 24 hours, while Ethereum saw a 7.90% jump in funds locked in its derivatives.
"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 8:20 p.m. ET) |
|---|---|---|
| Fasttoken (FTN ) | +121.77% | $1.40 |
| OriginTrail (TRAC) | +22.83% | $0.6065 |
| Audiera (BEAT ) | +22.81% | $1.11 |
The global cryptocurrency market capitalization stood at $3.17 trillion, increasing by 2.6% from the previous day.
Stocks moved further up on Wednesday. The Dow Jones Industrial Average lifted 408.44 points, or 0.86%, to finish at 47,882.90. The S&P 500 rallied 0.30% to end at 6,849.72, while the tech-focused Nasdaq Composite traded up 0.17% to close at 23,454.09.
Private payrolls declined by 32,000 in November, considerably below economists’ projections of a 5,000 increase.
The data signaled fresh weakness in the labor market, boosting expectations for a rate cut at next week's Federal Reserve policy meeting. According to the CME FedWatch tool, traders are now pricing in an 89% probability of such a move.
Widely followed cryptocurrency analyst and trader Michaël van de Poppe noted a strong start for the market in December, expecting more to come as the month progresses.
"I do think that we’ll see a test at $100,000 for Bitcoin," the analyst said. "I also think that we’re going to witness more strength on ETH vs. BTC, which means that altcoins can start rising from the ashes."
On-chain analytics firm CryptoQuant highlighted the continued decline of Bitcoin reserves on Binance.
"Historically, such conditions have supported medium- to long-term price appreciation," CryptoQuant said. "The current trend suggests that Binance's reserve decline is a normal re-accumulation phase within a broader bullish environment."
Photo Courtesy: vinnstock on Shutterstock.com
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