Bitcoin Holds Up, Ethereum, Dogecoin Fall Amid Stock Market Crash: Analyst Predicts $4K For ETH Over Next Two Weeks
Bitcoin held steady, while Ethereum slumped Wednesday as the stock market recorded its worst trading day since late 2022.
| Cryptocurrency | Gains +/- | Price (Recorded 8:35 p.m. EDT) |
| Bitcoin | -0.55% | $65,491.11 |
| Ethereum | -3.92% | $3,333.04 |
| Dogecoin | -1.55% | $0.1281 |
What Happened: The World's largest cryptocurrency Bitcoin was little changed after a sharp rebound to $67,000 was undone by sell-offs later. The apex cryptocurrency has trended lower this week, dropping 5.7%.
Ethereum sold off heavily, despite an impressive debut by spot ETFs in the U.S. stock market, validating some of the earlier forecasts made by analysts.
More than $250 million locked in derivatives was liquidated in the last 24 hours, with long liquidations equating to $219 million. Ethereum led the pack with $82 million in liquidations.
The slump caused a sharp decline in futures Open Interest for the two assets, with Ethereum witnessing a steeper 5.4% drop.
Downside bets for Ethereum surged in comparison to bullish bets in the last 24 hours, signaling a bearish mood.
The Cryptocurrency Fear & Greed Index continued to flash "Greed" as of this writing.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:35 p.m. EDT) |
| Flow (FLOW) | +9.14% | $0.6571 |
| Jupiter (JUP) | +4.45% | $1.00 |
| XRP (XRP) | +3.67% | $0.6198 |
The global cryptocurrency market stands at $2.37 trillion, following a drop of 1.17% in the last 24 hours.
The stock market tumbled on Wednesday, recording its worst performance since 2022. The broad market index S&P 500 fell 128.61 points, or 2.31%, to end at 5,427.13. The tech-heavy Nasdaq Composite plunged 3.64% to close at 17,342.41. The blue-chip index Dow Jones Industrial Average dipped 1.25% to finish at 39,853.87.
The slump comes following big sell-offs in shares of tech giants Alphabet Inc. 
GOOGL and Tesla Inc. 
TSLA amid their second-quarter earnings reports. Tesla plummeted 12.3% during the session, its worst since 2020, while the Google parent company declined 5%.
See More: Best Cryptocurrency Scanners
Analyst Notes: Prominent cryptocurrency researcher Ali Martinez underlined the importance of $66,000 as a "crucial" support level for King Crypto, holding which would bolster its chances of rising to new all-time highs.
Ali@ali_chartsJul 24, 2024This support level, at around $66,000, is very crucial for #Bitcoin. If it holds, we could see new all-time highs! pic.twitter.com/BfLNAAsRne
In an earlier X post, he noted that Bitcoin needs to cross $66,450 for the sentiment to flip bullish.
Another widely followed cryptocurrency influencer Sheldon The Sniper expressed a bullish outlook for Ethereum, stating that the corrections are just to test HODlers' resolve. "ETH to 4,000 in the next week or two," the analyst forecasted.
Sheldon The Sniper@Sheldon_SniperJul 24, 2024$ETH CHART $ETH has not looked this bullish in a long time
This is the pull back to make sure you are in if you are a $ETH believer , There is 2 major zones to buy . First Zone has been hit , 2nd might get hit , possibility it won't . $ETH to 4K in the next week or two . These... pic.twitter.com/PJL3zObgvP
Photo by Igor Faun on Shutterstock
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