Cryptocurrency markets are trading higher amid surging whale transactions. The market awaits the Ethereum ETF approval during a big week of economic data lined up.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $57,769.88 | +2.2% |
| Ethereum ETH/USD | $3,065.47 | +2% |
| Solana SOL/USD | $141.98 | +2.7% |
| Dogecoin DOGE/USD | $0.1073 | -0.5% |
| Shiba Inu SHIB/USD | $0.00001632 | -0.2% |
Notable Statistics:
- IntoTheBlock data noted a 74% increase in large transaction volume alongside transactions greater than $100,000, from 5,512 as of July 7 to 7,867 transactions as of July 8. Daily active addresses widened by 27.3%. Currently, 83% of Bitcoin holders are in a profitable position.
- Coinglass noted 33,021 traders were liquidated in the past 24 hours, total liquidations stands at $91.07 million.
- Santiment data noted Bitcoin sentiment among traders on X, Reddit, Telegram, 4Chan, and BitcoinTalk are showing the most bearish narratives this week in a year.
- Currently, there are 54.09 million non-empty Bitcoin wallets on the network, dropping by a net of 566,000 since June 15 based on Santiment data.
Notable Developments:
Soccer Legend Lionel Messi’s Instagram Account Posts Unexpected Solana Meme Coin Promo
Solana Jumps 5.5% As Cboe Files Application With SEC To List VanEck, 21Shares Spot ETFs
Top Gainers:
| Cryptocurrency | Price | Gains +/– |
| Celestia TIA/USD | $7.16 | +17.3% |
| Sei SEI/USD | $0.3403 | +15.5% |
| Bittensor TAO/USD | $259.07 | +12.7% |
Trader Notes: Moustache aka El Crypto Prof noted that this is just a Bitcoin correction, nothing more. He added that he had called the bottom in 2022 and is also trying to nail the macro top for BTC. He concluded, "Macro top is NOT in."
Cryptoquant Founder and CEO Ki Young Ju highlighted that Bitcoin miner capitulation is still ongoing. He drew parallels that historically this ends when the daily average mined value is 40% of the yearly average; it’s now at 72%.
“Expect the crypto markets to be boring for the next 2-3 months,” he added.
Macroeconomist and crypto trader Seth revealed that there are 2,300 Bitcoin sell orders on $58,000, while currently Bitcoin is struggling at the resistance level.
Bitcoin technical analyst CryptoCon explained in a detailed post that Bitcoin's 4-year pattern has remained unchanged for 14 years until March 2024 came around. Based on his Alternate theory, he predicted that "A top in April 2025 suddenly becomes on track."
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.
Read Next:
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
