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Bitcoin, Ethereum, Dogecoin Rally Keeps Weekend Momentum Intact -- Analyst Sees Apex Crypto Flashing Signal That Sparked 400% Surge

Mehab Qureshi
November 12, 2023

Major cryptocurrencies experienced a significant surge on Sunday evening, and the rally has continued from Thursday after reports of BlackRock Inc (NASDAQ:BLK), the world’s top asset manager, revealed it is planning to create an exchange-traded fund (ETF) with a focus on purchasing ETH.

CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EST)
Bitcoin (CRYPTO: BTC)+0.70%$37,224
Ethereum (CRYPTO: ETH)+1.19%$2,064
Dogecoin (CRYPTO: DOGE)+2.09%$0.079

What Happened: BlackRock is increasing its commitment to cryptocurrencies by announcing its intention to create an ETF that holds Ethereum (ETH). 

As a result, the price of ETH surged to its highest level of the day, reaching nearly $2,100 on Friday and experiencing a 3% uptick from before the filing was made public. Although the price did retreat by half of its initial gain, it still remains above $2,000.

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Top Gainer (24 Hour)

CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EDT)
Celestia+28.94%$3.97
Avalanche+15.77%$16.97
THOR chain+15.17%$4.65

The global crypto market cap currently stands at $1.37 trillion, reflecting an increase of 3.03% in the past 24 hours.

U.S. stock futures experienced a slight dip on Sunday evening following Moody’s Investors Service’s decision to revise the country’s credit rating outlook from stable to negative. The futures for the Dow Jones Industrial Average decreased by 54 points, equivalent to a 0.1% drop. Similarly, the futures linked to the S&P 500 and Nasdaq-100 also witnessed a decline of 0.2%.

Moody’s justification for the downgrade highlighted the substantial fiscal deficits and the prevailing partisan gridlock in Washington as contributing factors. It is important to note that the ratings agency reiterated America’s credit rating at AAA, which is the highest possible level.

On the economic data front, investors will closely monitor key indicators including October’s monthly federal budget, the Federal Reserve Bank of New York’s October consumer expectations survey, and remarks by Fed Governor Lisa Cook on Monday morning. This anticipation builds up to the release of the monthly consumer price index data on Tuesday.

See More: Best Cryptocurrency Scanners

Analyst Notes: Michael Van de Poppe has observed significant growth in Bitcoin’s price, with a rally from $15,000 to $37,500 over the past year.

"What we’re looking at here is the phase where we will see altcoins accelerate. The first ones have been shining massively, with Chainlink, Solana and Injective Protocol" Van de Poppe wrote on X.

He adds, "Overall, given the positive cocktail of the ETF’s and the halving, the fundamental growth of the entire sector and the acceptation of this entire market, I think we’re facing a bull cycle comparable to 2017."

A closely followed crypto analyst has identified a bullish signal in Bitcoin (BTC) that has historically preceded a significant price surge. 

Cheds says that when Bitcoin exhibited a similar signal in October 2020, it experienced an exponential increase in value, resulting in gains of over 5 times its initial price.Here is the observation:

"Observation: BTC weekly RSI entering power zone (70+, also known as overbought).

Overbought = bullish.

The last time this happened the price ran from $12,000 to $64,000.

Though the price context is different, it is worth observing."

Santiment, an on-chain data analytics firm, has just released a report stating that Solana has surpassed $54 for the first time since May 2022. This positive development is further supported by the increasing discussion rates around $SOL, suggesting that mainstream investors acknowledge its decoupling from other assets. While funding rates remain high, they have not reached a level of concern just yet.

Photo by Avi Rozen on Shutterstock

Join Benzinga’s Fintech Deal Day & Awards on Nov. 13 and Future of Digital Assets on Nov. 14 in New York City to stay updated on trends like AI, regulations, SEC actions and institutional adoption in the crypto space. Secure early bird discounted tickets now!

Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users

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