The BRETT cryptocurrency has started December with a strong uptrend, potentially positioning itself to break into the top 50 digital assets by market capitalization.
With its price recently reaching a new all-time high, there is speculation about whether BRETT can maintain this positive momentum heading into the year 2025.
At the time of this writing, BRETT has surged by more than 11% over the past 24 hours, peaking at $0.22, setting a new historic milestone.
This remarkable performance is attributed to the significant bullish momentum the coin gained throughout November.
By the end of the month, BRETT had experienced a remarkable 164% increase over the last four weeks, with a notable pause in bullish activity from mid-November until the 29th, forming a pattern resembling a bull flag.
Confirmation of a breakout from the bull flag pattern in the last two days has paved the way for a potential rally in the near future.
BRETT Enters Top 60 in Market Capitalization Rankings
The recent influx of liquidity has propelled BRETT’s market capitalization to reach $2.21 billion, securing the 60th spot on CoinMarketCap’s list.
This achievement is significant for a coin that has yet to be listed on major cryptocurrency exchanges.
If BRETT is eventually listed on exchanges like Binance and Coinbase, it could see a surge in liquidity, potentially propelling it into the top 50 cryptocurrencies.
Despite concerns about short-term selling pressure due to being overbought, the bullish flag suggests that there may be more upside potential than downside risks at the moment.
BRETT has shown strong demand in the derivatives market, with its Open Interest hitting an all-time high of $140.94 million over the past 24 hours.
The increase in Open Interest may also include short positions, accounting for 51% of total positions compared to long positions at 48.9%.
With the recent rise in short positions coinciding with new highs, bearish sentiment is growing in the market.
Moreover, the surge in short liquidations, exceeding long liquidations, indicates that liquidated shorts could be driving the coin’s price further up, with over $560,000 worth of short liquidations observed compared to $255,000 in long liquidations within the past 24 hours.