Why Are Bitcoin, Ethereum, XRP, Dogecoin Suddenly Skyrocketing?
Cryptocurrency markets are off to a blazing start on Monday morning, with Bitcoin making a new all-time high above $123,000.Cryptocurrency
Ticker
Price
Bitcoin
(CRYPTO: BTC)
$121,812.36
Ethereum
(CRYPTO: ETH)
$3,070.88
Solana
(CRYPTO: SOL)
$167.48
XRP
(CRYPTO: XRP)
$2.99
Dogecoin
(CRYPTO: DOGE)
$0.2069
Shiba Inu
(CRYPTO: SHIB)
$0.00001383
Notable Statistics:
IntoTheBlock data shows Bitcoin and Ethereum large transaction decreased by 14.7% and 7.9%, respectively. Daily active addresses dropped by 5.6% and 3.6%, respectively.
Coinglass data shows129,769 traders were liquidated in the past 24 hours for $750.05 million.
SoSoValue data shows net inflows of $1.03 billion into spot Bitcoin ETFs on Friday. Spot Ethereum ETFs saw net inflows of $204.8 million.
Trader Notes: CoinBureau co-founder Nic Puckrin highlighted the importance of Bitcoin breaching a 7-year-long monthly resistance trendline, which acted as the ceiling in past bull markets dating back to 2018.
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Rekt Capital says a convincing breakout above $124,000 would open the floodgates for Bitcoin, triggering rapid price discovery with little resistance above.
Michael van de Poppe forecasts rising volatility, with sharp dips likely to be absorbed quickly. He believes the next major leg to $250,000 has begun, projecting $150,000 by Q3.
Cryptoinsightuk explained that a break above $3.00 for XRP could unlock a move to all-time highs and initiate price discovery. The current price action is pressing against the final major resistance.
Crypto trader Jelle noted Ethereum finally broke above the $2,800 resistance, flipping it into support. With momentum now shifting upward, the next key target is $4,000, as minimal resistance remains in that zone.
Jelle shared a bold outlook, stating $600 is the long-term target for SOL, as the broader market rally gains traction.
Crypto trader CW pointed out that DOGE has broken its first sell wall and is approaching the next resistance zone between $0.24–$0.26, signaling further upside potential.Read Next:
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If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it?
Image: Shutterstock
This article Why Are Bitcoin, Ethereum, XRP, Dogecoin Suddenly Skyrocketing? originally appeared on Benzinga.com
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