Crypto Markets Continue to Climb as Bitcoin Reclaims $93,000

Crypto markets moved higher on Wednesday as Bitcoin traded above the $93,000 level for much of last night, and major tokens extended the rebound that followed Monday’s volatility.

As of press time today, Dec. 3, Bitcoin (BTC) is trading around $92,704, up almost 3% on the day, and roughly 7% over the past week. Total crypto market capitalization has gained 1.5% in the past 24 hours to reach over $3.2 trillion.

Ethereum (ETH) is trading just over $3,000, up another 3.4% today, while Solana (SOL) and BNB are also up about 3% in the past 24 hours. Nearly all of the top-20 crypto assets are in the green today, with the exception of TRON (TRX), and Figure Heloc, which are down 1% and 3%, respectively.

On Wednesday, the Crypto Fear and Greed Index eased slightly, though traders remain in the fear zone after three straight days of extreme readings.

Analysts at glassnode noted in an X post on Tuesday, Dec. 2, that Bitcoin faced a “strong rejection at $93K last week,” but as price attempts to break through this level again today, they’re seeing “large short-liquidation clusters forming.”

The analysts added that short liquidations “can act as fuel for upside, as forced buyers amplify momentum.”

Analysts at Coinbase recommended in their monthly outlook to wait for “high-volume reclaim of key levels.” They added:

Big Movers and Liquidations

Among the top-20 large-caps, blockchain oracle Chainlink’s LINK is the biggest gainer, up about 10%, continuing its rally after the first U.S. LINK ETF went live yesterday.

Looking at the top-100 assets by market cap, Ethena’s ENA is the top gainer today, up 10.4%, followed by LINK and SUI, up 9% today, reversing Tuesday’s losses.

On the downside, MemeCore (M) and Internet Computer (ICP) were among the largest decliners, falling about 9% and 6% respectively, per CoinGecko.

The last 24 hours are proving to be another big liquidation day, as data from Coinglass shows that the market liquidated over $500 million in leveraged positions. Longs accounted for roughly $101 million, while shorts made up around $402 million as prices moved higher.

BTC led with approximately $245.5 million in liquidations, followed by ETH at about $101 million, with other altcoins totaling more than $23 million.

ETFs and Macro Conditions

Spot Bitcoin ETFs continued their inflow streak yesterday, seeing around $58.5 million in net inflows on Dec. 2, bringing cumulative ETF inflows to about $57.8 billion, per SoSoValue. Over the same period, spot Ethereum ETFs saw $9.91 million in net outflows, with cumulative inflows standing near $12.86 billion.

On the macro front, Coinbase’s analysts said in their latest outlook that the backdrop “remains fragile” as the market digests October’s record liquidation event, which affected altcoins “more heavily.”

With attention shifting toward the Federal Reserve’s December rate decision, the analysts added that risk appetite “could be pressured by a bifurcating U.S. economy,” though they emphasized that “fortunately, evidence that such effects are depressing crypto performance appears weak so far.”

The U.S. labor market weakened further in November as private employers cut 32,000 jobs, CNBC reported this morning, citing data from payroll processor ADP. The drop was far worse than expected, as October showed a revised gain of 47,000 jobs, while economists had forecast a 40,000 increase for November.