Bitcoin Holds $70,000 Amid High Oil Prices – Ethereum, Ripple Lag BTC Gains

• The broader crypto market rose slightly, with liquidations totaling around $216 million over the past 24 hours.
• Ethereum and XRP lagged Bitcoin’s gains, while overall altcoin trading volumes have declined significantly.
• Data showed altcoin trading volume on Binance and major exchanges dropped to $26 billion from over $100 billion in October.

Bitcoin (BTC) held above $70,000 in morning trade on Friday amid elevated oil prices and retail sentiment around the apex cryptocurrency held in ‘bullish’ territory despite a week of sharp price swings. 

Bitcoin’s price moved 1.4% higher in the last 24 hours to around $70,300 after falling below $69,000 in the previous session following a high over nearly $76,000 earlier this week. Retail sentiment around the apex cryptocurrency on Stocktwits remained in ‘bullish’ territory with chatter at ‘normal’ levels over the past day.

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Many users on the platform forecast that Bitcoin’s is slated to hit $80,000 by the end of the month. One retail investor said that Bitcoin forming higher lows was likely a bullish signal to build to that support level.

Ethereum, XRP Lag Bitcoin Gains While Altcoin Volumes Drop

The overall cryptocurrency market gained 1% in the last 24 hours, just below $2.5 trillion. CoinGlass data showed around $216 million in liquidations over the past day, with a near-even split between long and short bets being wiped out. 

The United States Oil Fund (USO) gained as much as 1.3% at market open, trading at around over $118. Retail sentiment around the oil ETF on Stocktwits trended in ‘bearish’ territory, accompanied by ‘high’ levels of chatter over the past day. 

Ripple’s XRP (XRP) and Ethereum (ETH) lagged among the top 10 cryptocurrency by market capitalization, edging higher by just 0.4%. XRP’s price traded at around $1.44, while Ethereum’s price held at around $2,100. Stocktwits data showed that retail sentiment around both altcoins remained in ‘bullish’ territory over the past day with chatter at ‘high’ levels.

According to a CryptoQuant analyst, altcoins trading volumes on Binance (BNB) and other major exchanges has fallen to around just $26 billion as of Friday in comparison to over $100 billion in October last year. 

Read also: Coinbase Launches Perpetual Futures Amid Hyperliquid’s Trading Boom – MAG 7, SPY, QQQ In Lineup

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