The two largest cryptocurrencies by market capitalization, Bitcoin and Ethereum, have bounced back above $37,000 and $2,000 as the market trend goes bullish again.
Bitcoin (BTC) is up by 1.7% in the past 24 hours and is trading at $37,250 at the time of writing.
The asset’s market cap currently stands at $728 billion, with a market dominance of 51.4%. Bitcoin’s 24-hour trading volume also registered notable gains, reaching $14.27 billion.
As the hike comes, according to data provided by Santiment, Bitcoin’s total open interest (OI) surged by 4% over the past day, reaching $6.8 billion. Data shows that BTC’s Binance funding rate currently stands at 0.01%, suggesting the dominance of short-position holders.
On the other hand, Santiment data shows that whale transactions consisting of at least $100,000 worth of BTC recorded a 10.4%, declining from 3,192 on Nov. 19 to 2,860 transactions at the time of writing.
The second-largest crypto, Ethereum (ETH), registered a 2.7% incline over the past day and is trading at $2,020 at the time of writing. The asset’s market cap currently stands at $242 billion, with a 24-hour trading volume of $8.1 billion.
According to Santiment, Ethereum’s total OI rose from $3.54 billion to $2.62 billion, marking an $80 million surge in the past 24 hours. ETH’s Binance funding rate also stands at 0.01%, suggesting dominant short positions.
However, the exact amounts of short and long positions remain unclear until further price movements.
Per Santiment, the number of whale transactions comprising at least $100,000 worth of ETH has constantly declined since Nov. 16. Data shows that 1,184 such transactions were recorded in the past 24 hours.
The hikes come after Bitcoin took a dive to the $35,000 mark, and Ethereum was back to the $1,900 mark last week. According to a crypto.news report, the crypto market took a U-turn after the $131 million Poloniex hack.