Cryptocurrency markets traded mostly sideways on Thursday, as traders continue to bet on meme coins despite their sluggish performance.
Prices as of 4 p.m. ET:
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $67,230 | +1.3% |
| Ethereum ETH/USD | $3,730 | -0.5% |
| Solana SOL/USD | $166.80 | -1.2% |
| Dogecoin DOGE/USD | $0.159 | -3.5% |
| Shiba Inu SHIB/USD | $0.0000258 | -6.1% |
Notable Statistics:
- Over $160 million worth of positions were liquidated in the past 24 hours, with more than $100 million worth of long liquidations.
- Funding rates remain below 15% for most cryptocurrencies, indicating that traders are skewing only slightly bullish with their bets.
- Open interest remains at multi-week highs, an indicator that a strong price push to either side could cause significant liquidations.
Notable Developments:
- Elon Musk Reportedly Advising Donald Trump On Crypto Policy
- Turning $15K Into $14M In 6 Years: Crypto Trader Shares Keys To Success
- IBIT Overtakes GBTC As The Biggest Bitcoin ETF: Here’s How They Compare
- Babylon Raises $70M To Bridge Bitcoin And Ethereum
- Robinhood Unveils Crypto Trading API For Advanced US Users
Top Gainers:
| Cryptocurrency | Price | Gains +/– |
| Notcoin NOT/USD | $0.0012 | +38% |
| Ordi ORDI/USD | $47.95 | +18% |
| Arweave AR/USD | $43.30 | +11% |
Trader Notes: As Bitcoin continues its sideways range between $60,000 and $70,000, traders remain upbeat that more upside is still to come. CryptoKaleo pointed out that Bitcoin has hit a new all-time high against the dollar in 2024, but is still to hit an all-time high against the S&P 500. He anticipates price discovery in the near future:
Technical analyst Pierre charted the short-term path for Bitcoin: $69,000 remains the area to break as resistance, while a tight range around $68,000 must hold as support to avoid a short-term dip.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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