Flipster Crypto Weekly (6 December)

6 December 2024

Bitcoin (BTC) made headlines this week by surpassing the six-figure mark for the first time, sparking a rally across the crypto market and pushing total market capitalization to new highs. However, the momentum was short-lived, as prices reversed sharply, leading to the liquidation of leveraged long positions. This correction may prove healthy for the market, which was at an extreme greed level of 84 on the alternative.me Fear and Greed Index during Thursday’s session but has since cooled to a more balanced level of 72.

Crypto total market capitalization continues to make new highs. Source: TradingView.

Bitcoin (BTC)

Weekly performance: +2.62%

Year-to-date (YTD) performance: +132.34%

Bitcoin (BTC) crossed the $100,000 mark for the first time on Thursday, a milestone that had many people watching closely. However, the price saw significant volatility later in the day, dropping more than 10% from its high at one point. This sharp drop led to over $1 billion in liquidations within 24 hours.

Recap the key milestones in Bitcoin's journey over the years here.

Ethereum (ETH)

Weekly performance: +9.38%

Year-to-date (YTD) performance: +71.56%

Ethereum's (ETH) recent price action over the past 3-4 weeks adds fuel to the “dino coins” narrative, where older, last-cycle cryptocurrencies are stealing the spotlight. As retail interest grows, traders gravitate toward familiar names like ETH and Ripple (XRP), driving their outperformance in the current market.

Solana (SOL)

Weekly performance: +0.29%

Year-to-date (YTD) performance: +134.95%

Solana (SOL) has established support around the $222 level and its 21-day moving average (MA), with several price rejections observed this week. Currently, SOL is facing selling pressure at the local resistance level of $243. A decisive break above this resistance could position SOL to retest its all-time highs soon.

Ethena (ENA)

Ethena (ENA) continued where it left off in November (up more than 100%) with prices up more than 20% this week. The synthetic dollar protocol built on Ethereum benefited from the strong rise in ETH coupled with the demand for yield-bearing assets. Prices are now nearing the critical $1.1 resistance level, which could set the stage for the next big move.

Disclaimer: This material is for information purposes only and does not constitute financial advice. Flipster makes no recommendations or guarantees in respect of any digital asset, product, or service. Trading digital assets and digital asset derivatives comes with significant risk of loss due to its high price volatility, and is not suitable for all investors.