Cryptocurrency markets have started the week in green, as traders anticipate the impact of Ethereum spot ETFs.
Prices as of 4 p.m. ET:
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $69,168.80 | +2.2% |
| Ethereum ETH/USD | $3,771.59 | -0.2% |
| Solana SOL/USD | $166.97 | +2.4% |
| Dogecoin DOGE/USD | $0.1602 | +2.7% |
| Shiba Inu SHIB/USD | $0.00002475 | +1.5% |
Notable Statistics:
- Coinglass data shows total liquidations at $126.8 million in the past 24 hours, with Bitcoin's short liquidations peaking at $22.7 million, the highest since May 27. Open interest increased by 3% over the past 24 hours.
- IntoTheBlock data notes a 36.3% surge in large transaction volume. 97% of Bitcoin holders are currently in profit.
- El Salvador is teaching its students how to run a Bitcoin node.
- The state of Wisconsin revealed owning $162 million in Bitcoin through the BlackRock and Grayscale ETFs.
Notable Developments:
- Survey: Crypto Stance Could Sway One-Third Of 2024 Voters
- US Bitcoin ETFs Cap $170M Inflow Week As Australia Welcomes First Spot Bitcoin ETF
- Was ‘Crypto Queen’ Ruja Ignatova Murdered By A Bulgarian Crime Head?
- Ethereum ETF Approval Political Narrative Looks ‘Less Credible’: Bernstein
Top Gainers:
| Cryptocurrency | Price | Gains +/– |
| DOG.GO.TO.THE.MOON DOG/USD | $0.008929 | +18.6% |
| Floki FLOKI/USD | $0.0002781 | +16% |
| Kaspa KAS/USD | $0.1639 | +13.9% |
Trader Notes: Long-term crypto and stock investor Jelle noted that "Bitcoin broke out from the falling wedge and is retesting it now." He suggests if it can hold above here, new all-time highs will come quickly.
Rekt Capital tweeted that this bull market is not slow and it has broken to "new All Time Highs 260 days ahead of schedule per traditional Halving Cycles."
Heavily followed crypto trader Emperor said not to complicate Bitcoin. He adds that the main plan is to hold $67,400 and continue up.
He stated that the bull market is very fast and it needs to slow down if it wants to "resynchronise with normal Halving Cycles." He concludes, "And even though Bitcoin has consolidated for over 2.5 months, the rate of acceleration in this current cycle is still just over 170 days."
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.
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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