Zinger Key Points
- Global cryptocurrency market capitalization is down 4.3% down to $2.07 trillion.
- Traders are divided about the long-term impact of this correction.
Cryptocurrency markets are trading lower for the third consecutive day despite rising whale transactions.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $59,247.45 | -4.5% |
| Ethereum ETH/USD | $2,516.88 | -2.7% |
| Solana SOL/USD | $145.35 | -6% |
| Dogecoin DOGE/USD | $0.0996 | -4.5% |
| Shiba Inu SHIB/USD | $0.00001392 | -3.7% |
Notable Statistics:
- IntoTheBlock data shows a 37.1% increase in Bitcoin's large transaction volume and a 3.2% rise in daily active addresses. Exchanges netflows surged by 477.2%. Transactions greater than $100,000 increased from 7,926 to 8,429 in a single day.
- Coinglass data shows 110,349 traders were liquidated in the past 24 hours for $362.78 million. Bitcoin and Ethereum reported around $160 million in liquidated longs.
- Santiment data shows wallets with 10-10,000 BTC having collectively accumulated 133,300 more coins, while smaller traders continue to impatiently drop their holdings to them.
- CryptoQuant stated that long-term holders’ supply increased by 262,000 BTC in the past 30 days. They now control 14.82 million Bitcoin, which accounts for 75% of the total supply.
Notable Developments:
- Donald Trump’s Pro-Bitcoin Stance Influenced Ethereum ETF Approval, Analyst Posits
- Ethereum Co-Founder Vitalik Buterin Affirms Personal Belief In ETH As Store Of Value, Says Holds ‘90% Of Net Worth’ In It
- Bitcoin Millionaires Surge By 111% Over The Past Year Amid Crypto Bull Run: Report
- Why Is Bitcoin Underperforming Against Gold? Because They’re ‘Not Meaningfully Correlated,’ Analyst Points Out
- Gary Gensler-Led SEC Charges Brothers With $60M Crypto-Related Ponzi Scheme
Top Losers:
| Cryptocurrency | Price | Gains +/- |
| ORDI ORDI/USD | $27.16 | -14.6% |
| Maker MKR/USD | $1,804.13 | -14.6% |
| SATS (CRYPTO: 1000SATS) | $0.0002991 | -13.8% |
Trader Notes: Crypto trader Javon Marks sees this correction as a bullish continuation pattern.
More Crypto Online sees Bitcoin prices rejected in the resistance zone and now likely to form one more or two more lows before heading for a "larger reversal attempt." He noted that the upcoming trend will be decided by nature and structure of the next rally.
Crypto trader Seth studied Bitcoin's retail sentiment which was in extreme fear in 2022 when price was at $16,000 and also at $54,000.
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.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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