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Bitcoin BTC/USD and Ethereum ETH/USD surged late Sunday evening, joining the rest of the top 10 cryptocurrencies by market capitalization in significant appreciation.
Coin price gains (recorded as of 9 p.m. ET) Bitcoin $17,175 +3.42% Ethereum $1,292 +7.84%
What happened: Bitcoin rose 3.42% to $17,175 in the past 24 hours, breaking above the $17,000 level, while ETH gained 7.84% to $1,292, according to data from CoinMarketCap.
Meme Dogecoin DOGE/USD also saw positive gains, rising 4% to $0.075.
The total crypto market capitalization increased by 2.77%, reaching $845.4 billion.
The Dow Jones Industrial Average rose 2.1%, the S&P 500 index rose 2.3% and the Nasdaq Composite Index ended its session up 2.6% on Friday. It was the best day on record for the Dow and S&P 500 since Nov. 30 and the Nasdaq’s best since Dec. 29.
See more: Best Crypto Day Trading Strategies
Analyst View: Popular cryptocurrency specialist Michael Van De Poppe predicted a big rally this week, but warned that we could see a slight drop on Monday due to Gemini or other corrections.
Lender Crytpo Genesis cut 60 jobs, or 30% of its workforce, last week as it tried to save money and avoid filing for bankruptcy.
CryptoSlate’s analysis of Glassnode data indicates a marked increase in open interest in Bitcoin and Ethereum.
The analysis showed a clear trend of significantly more call options than put options, indicating strong bullish sentiment among options traders. Bitcoin saw its highest demand levels in the $15,000-$20,000 range, where its buy and sell options are roughly equal. This is not surprising given its recent consolidation since the collapse of FTX, which has kept it within this general price range.
More than 85% of Bitcoin would not have moved, according to ‘Documenting Bitcoin’, a source for all BTC stories.
Read next: Billionaire-backed crypto lender Genesis cuts 30% of jobs months after laying off 20% of staff
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