Crypto Market Rally: Here’s Why BTC, ETH, SOL, XRP, And Others Are Up Today – CoinGape

The global crypto market cap increased more than 6% to $1.75 today, reaching the May 2022 level, backed by a 30% rise in total crypto market volume in the last 24 hours. Bitcoin dominance rises again to 50.94% after a splendid 8% rally over the last day. On the other hand, Ethereum (ETH) price soars 7% to a hit of $2,428 and gaining in momentum towards 3,000.

The broader crypto market rally began on New Year’s Day as positive sentiment rose ahead of a plausible spot Bitcoin ETF approval by the U.S. Securities and Exchange Commission (SEC) near January 10, 2024.

Why Bitcoin and Crypto Market Are Rallying?

As predicted by CoinGape on Dec 30, the crypto market started 2024 with a bullish rally despite concerns over Bitcoin and Ethereum open interests (OI) getting wiped out completely during an $11 billion annual expiry last week. Bitcoin and Ethereum futures and options OI started rising gradually.

The crypto market saw over $160 million in liquidation in the last 24 hours. Coinglass data indicate massive shorts liquidation of over $130 million today, October 9. More than 46traders were liquidated in the last 24 hours, with the largest single liquidation order on Binance’s BTCUSDT worth $10.16 million. As a result of over $200 million of shorts liquidation, the broader crypto market is “green” today.

In addition, the total Bitcoin futures OI on all exchanges skyrockets almost 10% to $20 billion. BTC OI on CME and Binance jumped 7.76% and 14.20%, respectively. Also, BTC options data saw 70% of calls, with the most volume in the last 24 hours.

The total Ethereum futures OI is $$8.24 billion, up 9% in the last 24 hours. ETH OI on the top three futures crypto exchanges Binance, Bybit, and OKX rose 9-11%. Also, ETH options data saw 75% of calls in the last 24 hours.

CoinGape also reported Bitcoin funding rate reached a staggering 66%, which shows that the bulls are willing to hold their positions. Matrixport reported that Bitcoin mining companies are showing a trend of limiting supply around the upcoming halving cycles, anticipated for April 2024.

Coinbase Premium Gap started to increase again on Jan 2, suggesting strong Bitcoin buying pressure on Coinbase. BTC price started to move suddenly as traders and investors made new bets.

Also Read: Solana Labs Co-Founder Addresses Community Concerns Over Ecosystem Security

Crypto Market Rally: Bitcoin and Altcoins Prices

BTC price jumped 8% in the past 24 hours, with the price currently trading at $45,765. The 24-hour low and high are $42,547 and $45,899, respectively. Furthermore, the trading volume has increased by 92% in the last 24 hours, indicating a rise in interest among traders.

Ethereum climbed 7% and SOL skyrocketed 12% amid rising activity on the chain. Whereas, other altcoins XRP, ADA, AVAX, DOGE, DOT, and MATIC pumped 3-7% in the last 24 hours amid a broader recovery.

Also Read: Binance Burns 5.57 Billion Terra Luna Classic, LUNC And USTC Prices Rise Over 7%

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Andres Castro

Sumergido en el abrazo apasionado de las palabras, soy Andrés Castro, un Autor Bloguero que teje historias que vibran con la esencia de la vida. Mi travesía en la Universidad Francisco de Vitoria moldeó mi pluma con una paleta de colores ecléctica. Como un cronista moderno, mis escritos surcan desde los campos deportivos hasta los motores rugientes del automovilismo, desde la vanguardia tecnológica hasta el latido constante del mundo de los negocios, y desde las raíces culturales hasta los horizontes de la creatividad. Cada palabra es un pincelazo de autenticidad, tejido con el hilo de la transparencia. Únete a mí en esta travesía donde las páginas se convierten en lienzos de emoción, donde el deporte comparte espacio con la velocidad, donde los engranajes de la tecnología se conectan con el fluir de los negocios y donde la cultura se despliega como una paleta de colores infinita.

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