Bitcoin, Ethereum, XRP, Dogecoin Spike As Investors Look Beyond Nicolas Maduro And Venezuela: Analyst Says BTC 'Has Room' To Push Toward $105,000
Leading cryptocurrencies rallied alongside stocks on Monday as investors looked past geopolitical developments surrounding U.S. operations in Venezuela.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:15 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +1.24% | $93,914.81 |
| Ethereum (CRYPTO: ETH) |
+1.20% | $3,224.39 |
| XRP (CRYPTO: XRP) | +11.80% | $2.37 |
| Solana (CRYPTO: SOL) | +1.17% | $137.74 |
| Dogecoin (CRYPTO: DOGE) | +0.61% | $0.1521 |
Cryptos Spike As Bearish Bets Get Erased
Bitcoin surged above $94,000, with trading volume jumping 68% over the last 24 hours. The apex cryptocurrency is now up roughly $6000 since the U.S. began military operations in Venezuela Friday night.
Ethereum also extended its New Year rally, reaching an intraday high of $3,261. Buying pressure remained strong, evidenced by a 78% jump in trading volume.
Over $450 million was liquidated from the cryptocurrency market in the last 24 hours, according to Coinglass, with roughly $362 million in short positions erased.
Bitcoin's open interest rose 2.87% in the last 24 hours. More than 50% of Binance traders with open BTC positions were long, according to the Long/Short Ratio.
The "Extreme Fear" sentiment continued to dominate the market, according to the Crypto Fear and Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 8:15 p.m. ET) |
| Onyxcoin (XCN ) | +49.82% | $0.008973 |
| River (RIVER ) | +27.29% | $16.49 |
| Virtuals Protocol (VIRTUAL ) | +16.16% | $1.07 |
The global cryptocurrency market capitalization increased to $3.20 trillion, following an increase of 2.28% in the last 24 hours.
Stocks Rally Amid Oil Boom
Stocks rallied on Monday. The Dow Jones Industrial Average lifted 594.79 points, or 1.23%, to close at a record high of 48,977.18. The S&P 500 rose 0.64% to end at 6,902.0, while the tech-focused Nasdaq Composite closed up 0.69% at 23,395.82.
Energy stocks led the charge after President Donald Trump said that U.S. companies are preparing to invest billions in Venezuela's oil industry following Nicolas Maduro's ouster. Chevron Corp. (NYSE:CVX) and Exxon Mobil Corp. (NYSE:XOM) closed up 5.10% and 2.21%, respectively.
Benzinga Edge delivers real-time stock alerts, trade ideas, and professional investing tools to help you navigate the market. Find out more about CVX and XOM here.
Oil prices also gained on Monday, with the U.S. West Texas Intermediate crude surpassing $58 a barrel.
Where Is Bitcoin Headed Next?
Lacie Zhang, Research Analyst at Bitget Wallet, stated in a note to Benzinga that cryptocurrency fundamentals remain constructive despite “elevated uncertainty” tied to geopolitical developments.
"Bitcoin has room to push toward $105,000, while Ethereum could test $3,600, as traders balance inflation risks with crypto's deflationary characteristics and long-term adoption narrative," Zhang predicted.
Michaël van de Poppe, a popular cryptocurrency commentator, noted that "slowly, but surely," the momentum is coming back into the markets.
"There’s one crucial level which must hold: the area around $90-$91,000. If that holds and a higher low is established, we’re in for a test at $100,000," the analyst predicted.
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