Cryptocurrency markets are trading higher on Wednesday, boosted by positive inflation data.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin (CRYPTO: BTC) | $101,041 | +4.0% |
| Ethereum (CRYPTO: ETH) | $3,820 | +4.2% |
| Solana (CRYPTO: SOL) | $229 | +6.3% |
| Dogecoin (CRYPTO: DOGE) | $0.4161 | +4.8% |
| Shiba Inu (CRYPTO: SHIB) | $0.00002884 | +7.4% |
| XRP (CRYPTO: XRP) | $2.41 | +2.1% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume decreasing by 14.9% and daily active addresses up by 9.7%. Transactions greater than $100,000 remained relatively flat. Exchanges netflows are up by 334.2%.
- Coinglass data reports 103,627 traders were liquidated in the past 24 hours for $267.63 million.
- CryptoQuant Founder and CEO Ki Young Ju noted that Bitcoin corrections could be smaller in this bull cycle amid steady buying from ETFs and institutions.
Notable Developments:
- Trump Admin's Crypto Push Revives Industry Hopes For Banking Access
- Morpheus Launches $20 Million In Rewards For AI Compute Providers
- Bitcoin ETFs Spark Institutional Interest: 'The Doors Have Been Blown Off,' Superstate CEO Says
- Goldman Sachs CEO Says Bank Can Consider Bitcoin, Ethereum Spot Trading If Regulations Allow
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| Peanut The Squirrel (CRYPTO: PNUT) | $1.30 | +30% |
| Sui (CRYPTO: SUI) | $4.33 | +19.4% |
| Aerodrome Finance (CRYPTO: AERO) | $2.13 | +16.6% |
Trader Notes: As Bitcoin surged past the $100,000 mark, crypto trader Doug Funnie predicts an explosive rally ahead and wonders, "Can we get there before the weekend?"
BTC rising channel update:
— doug funnie (@cryptoklotz) December 11, 2024
this looks like it wants to explode
let's see if we can get there before the weekend pic.twitter.com/cJW2L4ZQXx
Rekt Capital highlights that Bitcoin continues to hold its 4-week technical uptrend line as a key support level. He explains that a deeper correction would require a breakdown below this trend line, but for now, the "technical uptrend remains intact."
According to IntoTheBlock data, 482,000 addresses have purchased Bitcoin within the range of the current price and $100,000.
However, the key demand zone lies between $94,800 and $97,700, where over 1.3 million addresses have accumulated Bitcoin. The firm notes that "this range represents a critical area for potential support."
Daan Crypto Trades forecasts a slow, choppy climb for Bitcoin, with traders likely to face volatility before a genuine breakout occurs.
#Bitcoin Q4 2024 Looking pretty similar to Q4 2023 so far.
— Daan Crypto Trades (@DaanCrypto) December 11, 2024
Slow grind up as traders are getting chopped up before the real breakout. pic.twitter.com/TuBGPZUcxA
- Bitcoin's Next Move: $105,000 Or $85,000? Poll Finds Over 60% Say...
Image: Shutterstock
