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Crypto Recovers: Bulls Eye $90K Bitcoin!
27 Nov
Summary
- Total crypto market cap surged 3.37% to $3.09 trillion.
- Bitcoin reclaimed $90,000, and Ethereum surpassed $3,000.
- Market sentiment improved slightly, but analysts urge caution.
The cryptocurrency market experienced a modest recovery in the days leading up to Thanksgiving. The total market capitalization saw a significant increase of 3.37%, reaching $3.09 trillion. Bitcoin surged past the $90,000 threshold, while Ethereum also reclaimed its $3,000 level, marking a positive shift for major digital assets.
This upturn coincided with a reduction in crypto liquidations, which did not reach billions as in previous periods, with short positions being significantly impacted. Although the Crypto Fear and Greed Index remains in "extreme fear," it has shown improvement, rising to 15 and indicating a more optimistic market sentiment.
However, analysts caution against premature celebration. Recent rallies are attributed to speculation about a potential December interest rate cut by the Federal Reserve. The market remains sensitive to Fed communications, with uncertainty surrounding future rate decisions potentially impacting year-end performance, determining whether a 'Santa rally' or a 'Santa dump' will occur.
