Cryptocurrency markets are slightly up as markets are trying to assess the chances of a rate cut next Wednesday.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $58,420.94 | +1.7% |
| Ethereum ETH/USD | $2,354.98 | +0.9% |
| Solana SOL/USD | $135.52 | +2.8% |
| Dogecoin DOGE/USD | $0.1021 | +0.8% |
| Shiba Inu SHIB/USD | $0.00001334 | +0.7% |
Notable Statistics:
- IntoTheBlock data shows Bitcoin's large transaction volume dropped by 11%, while daily active addresses saw a 7% drop. Exchanges netflows narrowed by 56.7%.
- Coinglass data shows 26,425 traders liquidated in the past 24 hours for $67.65 million.
- Crypto chart analyst Ali Martinez noted a spike in the Bitcoin Taker Buy/Sell Ratio on Binance. This is a sign of aggressive buying, with potential upward momentum ahead.
- In another tweet, he said that Bitcoin miners are earning far less than their historical average as indicated by Bitcoin Puell Multiple dropping below 0.4.
Notable Developments:
- CryptoPunk Heist: $1M NFT Snagged For $18,000 In Smart Contract Exploit
- Grayscale Revives XRP Trust After 3-Year Hiatus
- Coinbase Launches cbBTC, Bridging Bitcoin To Ethereum And Base Networks
- ‘Put In’ The CBDC: Russian Central Bank Targets July 2025 For Widespread Digital Ruble Use
- Crypto Bank Anchorage Digital Challenges Coinbase’s ETF Custody Dominance
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| Worldcoin WLD/USD | $1.60 | +16.5% |
| Sui SUI/USD | $1.02 | +12.5% |
| Beam BEAM/USD | $0.01416 | +11.4% |
Trader Notes: With Bitcoin prices crossing the $58,000-mark, crypto trader Titan Of Crypto foresees the "legendary $100,000 target incoming." He predicts the end of the year could surprise many just like in 2022 when the “recession was everywhere,” but Bitcoin bottomed out earlier.
With a reclaim of $58,000, crypto trader Jelle sees a push beyond $65,000 to "completely lock into the Q4 all-time high thesis."
Stockmoney Lizards compares Bitcoin's performance to a time-specific pattern that revolves around the Halving dates. The trader calls the timing perfect and expects to see bright green monthly candles again after a couple of weeks, most likely in Q4 2024.
He added, "If all goes according to plan, we could see a full bullish 2025."
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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Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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