Bitcoin sharply fell on Thursday after its $100,000 milestone, even as other leading cryptocurrencies edged higher.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:15 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | -0.64% | $97,587.81 |
|
Ethereum (CRYPTO: ETH) |
+2.13% | $3,852.73 |
| Dogecoin (CRYPTO: DOGE) | +2.42% | $0.4372 |
What Happened: The world’s largest cryptocurrency plunged to $91,990 in a flash fall, a day after reaching a historic high of $100,000, before recovering to $97,000 overnight.
Ethereum rose beyond $3,950 for the first time since mid-March, before falling into the $3,800 zone later in the day.
The crash triggered cryptocurrency liquidations worth $969 million in the last 24 hours, with $774 million in leveraged longs getting wiped out.
The liquidation of overleveraged longs cooled down the market as funding rates dropped considerably.
Traders interpreted this as a bullish signal, as accounts on Binance placing long positions for Bitcoin surged sharply in comparison to those betting against the asset, per the Long/Shorts Ratio.
The market sentiment dropped from "Extreme Greed" to "Greed," per the Cryptocurrency Fear & Greed Index, alleviating fears of more correction.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:15 p.m. ET) |
| JasmyCoin (JASMY) | +41.93% | $0.05756 |
| Peanut the Squirrel (PNUT) | +16.03% | $1.46 |
| Render (RENDER) | +15.48% | $9.92 |
The global cryptocurrency market capitalization stood at $3.57 trillion, following a slender increase of 0.10% in the last 24 hours.
Stocks snapped their record-breaking run Thursday. The Dow Jones Industrial Average fell 248.33 points, or 0.55%, to close at 44,765.71. The S&P 500 dropped 0.19% to end at 6,075.11, while the tech-focused Nasdaq Composite closed down 0.17% at 19,700.72.
Cryptocurrency-related stocks like MicroStrategy Inc. (NASDAQ:MSTR) gave up on early advances, plunging 4.8% during the regular trading session.
Investors looked forward to the all-important November employment data on Friday, which will provide insight into the Federal Reserve’s decision on a potential rate cut at its Dec. 18 meeting.
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Analyst Notes: Well-known analyst and trader Michaël van de Poppe took note of Bitcoin's slump after the $100,000 milestone, projecting another one to come in the days ahead.
"Expecting another one to come, but this is what is likely going to happen more often in the markets," he stated.
Van de Poppe urged his followers to hold on to their positions and buy dips.
Cryptocurrency analyst Ali Martinez drew attention to Bitcoin's historical movements between market tops and market bottoms.
"In the last 2 cycles, from the market bottom to the market top, it took 1,065 days, and from the market bottom to the next market bottom, it took 1,430 days," Martinez said.
Should the pattern repeat, he projected Bitcoin's market top in Oct. 2025 in the ongoing cycle.
Photo by CMP_NZ on Shutterstock
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