Bitcoin Hits $100,000 and Experiences Volatility Alongside Ethereum and Dogecoin

The cryptocurrency markets witnessed significant volatility on Thursday as Bitcoin momentarily soared above the $100,000 mark before retreating to $98,600 by the afternoon. This fluctuation caught the attention of investors as they monitored the broader market movement.

Cryptocurrency	Price	Gains +/-
Bitcoin BTC/USD	$98,600	-0.2%
Ethereum ETH/USD	$3,815	-1.8%
Solana SOL/USD	$232.2	-0.9%
Dogecoin DOGE/USD	$0.4302	+2.0%
Shiba Inu SHIB/USD	$0.00003047	+0.6%

Key Data Points:

• According to data from IntoTheBlock, the volume of large transactions has increased by 3.2%. Meanwhile, daily active addresses have seen a decrease of 3.4%. The number of transactions exceeding $100,000 rose from 13,081 to 13,754 in just one day, highlighting increased trading activity.
• Coinglass reported that 180,428 traders were liquidated in the last 24 hours, resulting in a loss exceeding $650 million.

Recent Developments:

• Coinbase has announced plans to expand its crypto initiatives in Southeast Asia by supporting the development of stablecoins pegged to local currencies like the Baht and Peso.
• Crypto investor Anthony Pompliano indicated that nations could start to follow the lead of others in acquiring Bitcoin.
• Stablecoins are being considered as a new strategy for maintaining U.S. dollar dominance and improving global financial access.
• MicroStrategy experienced a more than 8% rise in its shares in pre-market trading, coinciding with Bitcoin touching $102,000 earlier in the day.
• Federal Reserve Chairman Powell remarked on the strength of the economy, drawing parallels between Bitcoin and gold.

Leading Gainers:

Cryptocurrency	Price	Gains +/-
JasmyCoin JASMY/USD	$0.05453	+33.5%
Sui SUI/USD	$4.11	+11.7%
Worldcoin WLD/USD	$3.76	+11.2%

Market Analysis: Bitcoin's price movements have raised questions among traders and analysts. Chart expert Ali Martinez noted that Bitcoin often follows a predictable pattern through its cycles. In past cycles, Bitcoin took 1,065 days to rise from a low to a peak and 1,430 days between market lows. If this trend continues, Martinez forecasts that BTC could reach its next top around October 2025.

In contrast, economist Peter Schiff warned of potential negative impacts on the dollar due to Bitcoin's adoption by the U.S. government, which could lead to inflationary pressures through excessive money printing.

Moreover, some analysts, including crypto trader Wolf, suggested that Bitcoin's breakout might lead to a "scam dump," where overleveraged traders face liquidation. On the other hand, trader Kevin commented on Bitcoin's difficulty in maintaining upward momentum, indicating potential risks for a large price correction in the future.

Stay updated:

• Bitcoin's recent rise above $100,000 signals momentum: insights from a trader who predicted this ascension back when Bitcoin was at $16,000 in November 2022.

Image: Shutterstock

Market news and data are vital for investors and traders as cryptocurrency continues to evolve rapidly.

Bitcoin, Ethereum, Dogecoin