Analyst Says 2 Altcoins Are ‘Going Through The Roof’ By Benzinga

© Reuters. Bitcoin, Ethereum, Dogecoin Give Up Early Gains: Analyst Says 2 Altcoins Are ‘Going Through The Roof’

Benzinga – Major coins traded in the red on Thursday, as the global market cap went down 1.75% reaching $1.04 trillion, recorded at 8:30 p.m. EST.

Gains (+/-)
Bitcoin -2.34% $22,681
Ethereum -3.46% $1,567
Dogecoin -1.69% $0.085

What Happened: The largest cryptocurrency by market value, Bitcoin (CRYPTO: BTC), fell over 2% to under $23,000. Ethereum (CRYPTO: ETH) was changing hands at $1,567, down 3.4%. Dogecoin (CRYPTO: DOGE) was down 1.69% in the last 24 hours, trading at $0.085.

U.S. equities soared, as investors digested the most recent GDP report and its positive implications for the economy. The tech-heavy Nasdaq Composite rose 1.7%, the S&P 500 gained 1.1%, and the Dow Jones Industrial Average was up 0.6%.

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The FTX creditor list, containing 116 pages of information, reveals the far-reaching implications of FTX’s bankruptcy. Companies such as Netflix and Apple (NASDAQ: AAPL) are among those listed as creditors. This comprehensive document further shows that FTX’s debt reaches universities, airlines, charities and media organizations, as revealed in the newest court filing.

“Bitcoin pared losses as soft-landing hopes returned following better-than-expected U.S. GDP data. ​Bitcoin still looks poised to consolidate here until next week’s FOMC decision. One notable crypto story was a fine given to Coinbase by the Dutch Central Bank. The central bank’s penalty is for offering crypto products prior to their registration. ​ This $3.6 million fine is a slap on the wrist but another reminder that a global crackdown on crypto continues,” said Edward Moya, a senior market analyst at OANDA, in a note seen by Benzinga.

Crypto analyst Michaël van de Poppe said “we’ll all be laughing” at current BTC and ETH prices in just a few short years. In the shorter term, he is keeping a close watch on the $1,450-$1,600 range for Ethereum,

As for BTC, the analyst says he’s not interested in longs at Bitcoin’s current price levels.

Poppe said that altcoins Fantom (CRYPTO: FTM) and Polygon (CRYPTO: MATIC) are currently blasting off. “FTM and MATIC going through the roof.”

Crypto analyst Justin Bennett said that Bitcoin is currently sitting at its all-time high trend line.

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© 2023 Benzinga does not provide investment advice. All rights reserved.

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