The two largest cryptocurrencies by market cap, Bitcoin and Ethereum, have rebounded above $37,000 and $2,000 as the market trend turns bullish again.
Bitcoin (BTC) is up 1.7% in the past 24 hours and is trading at $37,250 at the time of writing.
The asset’s market capitalization currently stands at $728 billion, with a market dominance of 51.4%. Bitcoin’s 24-hour trading volume also saw notable gains, reaching $14.27 billion.
As the rise continues, according to data provided by Santiment, Bitcoin’s total open interest (OI) jumped 4% over the past day, reaching $6.8 billion. Data shows that Binance’s funding rate of BTC currently stands at 0.01%, suggesting the dominance of short position holders.
On the other hand, Santiment data shows that whale transactions worth at least $100,000 worth of BTC saw a 10.4% increase, from 3,192 on November 19 to 2,860 transactions at the time of writing .
The second largest crypto, Ethereum (ETH), is up 2.7% over the past day and is trading at $2,020 at the time of writing. The asset’s market capitalization currently stands at $242 billion, with a 24-hour trading volume of $8.1 billion.
According to Santiment, Ethereum’s total OI increased from $3.54 billion to $2.62 billion, an increase of $80 million in the last 24 hours. Binance’s ETH 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.
According to Santiment, the number of whale transactions comprising at least $100,000 worth of ETH has consistently declined since November 16. The data shows that 1,184 such transactions were recorded in the last 24 hours.
The rises come after Bitcoin plunged to the $35,000 mark and Ethereum returned to the $1,900 mark last week. According to a report by crypto.news, the crypto market has turned around after the $131 million Poloniex hack.