Leading cryptocurrencies jumped on Monday, driven by corporate Bitcoin purchases and a fresh bullish price prediction for 2025.
| Cryptocurrency | Gains +/- | Price (Recorded at 7:45 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | +3.92% | $102,256.53 |
| Ethereum (CRYPTO: ETH) | +1.44% | $3,684.22 |
| Dogecoin (CRYPTO: DOGE) | +2.56% | $0.3899 |
What Happened: Bitcoin soared above $100,000 for the first time since Dec. 19, ending weeks of choppy price action just below the key level.
The rally was bolstered by MicroStrategy Inc. (NASDAQ:MSTR) and Metaplanet, popularly referred to as "Asia's MicroStrategy," as both companies acquired more Bitcoin for their reserves.
Additionally, Bernstein painted a $200,000 target for Bitcoin by the end of 2025, contributing to the rally.
Ethereum broke out above $3,600, reaching $3,739 for the first time in over two weeks.
More than $221 million was liquidated from the cryptocurrency market in the last 24 hours, with $133 million in downside bets getting wiped out.
That said, more than $1 billion in long positions risked liquidation if Bitcoin fell to $97,720.
Bitcoin's Open Interest soared 16.52% in the last 24 hours, indicating massive speculative interest for the apex cryptocurrency.
The "Extreme Greed" sentiment took over the market, according to the Crypto Fear & Greed Index, raising fears of a potential correction.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 7:45 p.m. ET) |
| The Sandbox (SAND) | +8.88% | $0.6958 |
| Worldcoin (WLD) | +8.53% | $2.61 |
| Pudgy Penguins (PENJU) | +7.51% | $0.04315 |
The global cryptocurrency market capitalization stood at $3.59 trillion, following a rise of 2.64% in the last 24 hours.
Tech stocks rallied on Monday. The Nasdaq Composite spiked 1.24% to close at 19,864.98. The S&P 500 also closed in the green, ending 0.55% higher at 5,975.38. However, the Dow Jones Industrial Average closed the session at a minor loss of 0.06%.
Artificial intelligence behemoth NVIDIA Corp. (NASDAQ:NVDA) contributed to the tech rally, surging 3.43% to $149.43, driven by investor anticipation surrounding CEO Jensen Huang's keynote at the CES trade show in Las Vegas.
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Analyst Notes: Popular cryptocurrency analyst Rekt Capital stated that Bitcoin needs a daily close above $101,165 for the bias to turn bullish and break out from the daily range.
#BTC
— Rekt Capital (@rektcapital) January 6, 2025
Bitcoin is mere hours away from positioning itself for a bullish Daily Candle Close and breakout from this Daily range
Needs a Daily Close above $101,165 (black)$BTC #Crypto #Bitcoin pic.twitter.com/bC4IL4bnqK
Another widely followed cryptocurrency market commentator, Miles Deutscher, highlighted that retail demand for Bitcoin was nearing historic lows, despite a run above $100,000.
"This run is being driven by institutions/ETFs/nation states. For this reason, you can't really compare this cycle to past cycles," Deutscher added.
$BTC on-chain retail demand is nosediving to historic lows, despite BTC pushing $100k.
— Miles Deutscher (@milesdeutscher) January 6, 2025
This run is being driven by institutions/ETFs/nation states.
For this reason, you can't really compare this cycle to past cycles. pic.twitter.com/S5tKFDuBX9
Low retail interest in Bitcoin could also suggest that the cryptocurrency cycle was still in its early stages.
Image via Shutterstock
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