Leading cryptocurrencies rallied alongside stocks on Thursday after the White House confirmed a meeting between President Donald Trump and his Chinese counterpart, Xi Jinping.
Bitcoin hit an intraday high of $111,288.59, but failed to push beyond, falling back into the $110,000 zone. Trading volume dropped 30% in the last 24 hours.
Ethereum oscillated in the $3,800-$3,900 range, while trading activity remained on the lower side. XRP and Solana also gained momentum.
Liquidations hit $225 million in the last 24 hours, with over $130 million in bearish shorts positions erased from the cryptocurrency market, according to Coinglass.
Bitcoin's open interest spiked 2.08% over the last 24 hours to $69.38 billion. However, since the month began, the open interest has plummeted by nearly 17%.
"Fear" sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $3.71 trillion, following an increase of 2.25% in the last 24 hours.
Stocks rallied on Thursday. The Dow Jones Industrial Average rose 144.20 points, or 0.31%, to finish at 46,734.61. The S&P 500 jumped 0.58% to close at 6,738.44, while the tech-focused Nasdaq Composite finished up 0.25% at 22,941.80.
The rebound came after the White House confirmed that Trump will meet Xi next week in South Korea, fuelling investors' optimism amid trade tensions between the two countries
Blockchain analytics firm CryptoQuant noted that the Bitcoin Short-Term Holder Spent Output Profit Ratio has fallen to 0.992, its lowest level since April.
The indicator, which measures realized profit or loss for short-term investors, suggested that weak hands were currently selling their BTC at a loss.
"A decisive reclaim and hold of the STH-SOPR above the 1.0 level would be necessary to confirm a bullish trend shift," CryptoQuant stated.
Widely followed cryptocurrency analyst and trader Michaël van de Poppe said Bitcoin would "chop" until key macroeconomic data such as the Consumer Price Index and the Federal Reserve policy meeting next week.
"This cycle is far from over and I think we’ll start to see more strength, again, when Bitcoin breaks north of $112,000 as a crucial level," the analyst projected.
Photo Courtesy: Marc Bruxelle on Shutterstock.com
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