As December begins, the meme cryptocurrency BRETT has started on a positive note, aiming to break into the top 50 digital assets by market capitalization.
With its price reaching an all-time high, the question arises: Can BRETT maintain this upward momentum as we head into 2025?
Currently, BRETT has surged by more than 11% in the past 24 hours, hitting a peak of $0.22, setting a new milestone for the token.
This remarkable performance is attributed to the strong bullish trend that BRETT experienced throughout November.
November concluded with BRETT enjoying a 164% increase over the last four weeks, despite a brief pause in bullish activity from mid-November until the 29th, during which a bull flag pattern formed.
The breakout from the bull flag pattern in the last two days indicates the potential for a new rally in the coming days.
BRETT Enters the Top 60 Cryptocurrencies by Market Cap
Thanks to recent significant capital inflows, BRETT’s market capitalization has surged to $2.21 billion, positioning it as the 60th largest cryptocurrency on CoinMarketCap.
This achievement is noteworthy, especially considering that BRETT is not yet listed on major cryptocurrency exchanges.
A potential listing on platforms like Binance and Coinbase could further increase the token’s liquidity, potentially propelling BRETT into the top 50 cryptocurrencies list.
While BRETT may face short-term selling pressure due to being heavily overbought, the overall bullish sentiment seems to outweigh any immediate downside risks.
Derivatives trading data indicates strong demand for BRETT, with the token’s Open Interest hitting a new all-time high of $140.94 million over the past 24 hours.
The surge in Open Interest might also include an increase in short positions, with shorts accounting for 51% and longs for 48.9% of total positions in the last day.
This shift towards more bearish sentiment reflects the market’s adjustment to BRETT’s recent highs.
Moreover, the rise in short positions could potentially lead to short liquidations driving further price increases, as witnessed by over $560,000 worth of short liquidations compared to $255,000 in long liquidations in the last day.