Bitcoin Tops $100,000 Again, Altcoins Gain Ground
Increased Large Transactions: Data from IntoTheBlock shows a 73.2% increase in large transaction volume and an 8.5% growth in daily active addresses. Transactions exceeding $100,000 jumped from 13,754 to 18,967 in a single day.
Coinglass data reports $838.66 million in liquidations for 152,488 traders within the past 24 hours. Additionally, IntoTheBlock data indicates a 149.9% decrease in exchange netflows, suggesting investors are holding onto their assets.
Altcoins are reclaiming a significant share of the overall market dominance, according to IntoTheBlock data. This suggests a broader market rally beyond just Bitcoin.
Trader Reactions and Key Levels to Watch
Crypto traders are reacting to this bullish Friday with a mix of excitement and caution. Emperor, a crypto trader, sees this breakout as healthier than previous ones due to spot-driven buying. Seth, another trader, calls it a "Happy Bullish Friday" and highlights the decreasing open interest and liquidations of shorts.
More Crypto Online compares the current market to a fierce battle for control, with no clear winner yet. He predicts that the key level to watch for Bitcoin is $97,450; falling below it could weaken bulls further.
Another trader, who experienced heavy liquidations on Tuesday followed by losses for short traders on Friday, believes this is a classic bull market shakeout. He suggests watching three scenarios to gauge the market's direction.
Overall, the cryptocurrency market is experiencing a period of volatility and uncertainty. While Bitcoin's price has reached new highs, altcoins are also gaining ground. Traders are closely watching key levels and market dynamics to navigate this dynamic landscape.