Cryptocurrency markets are holding on to the green zone with Bitcoin and Dogecoin relatively flat, while Ethereum is trading higher.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $63,449.64 | +0.6% |
| Ethereum ETH/USD | $2,685.90 | +4% |
| Solana SOL/USD | $144.14 | -0.3% |
| Dogecoin DOGE/USD | $0.1073 | +0.7% |
| Shiba Inu SHIB/USD | $0.00001456 | +0.2% |
Notable Statistics:
- IntoTheBlock data shows a decrease of 0.8% in large transaction volume and a drop of 11% in daily active addresses. Transactions greater than $100,000 are down from 5,957 to 5,516 in a single day. Exchanges netflows decreased by 100%.
- Coinglass data reports 61,844 traders liquidated in the past 24 hours for $172.46 million. Bitcoin's open interest stands at $34.6 billion, the highest level since Aug. 26.
- Crypto chart analyst Ali Martinez compares Bitcoin's performance to history and is curious if it will repeat. "Bitcoin gained +61% in Q4 of 2016 and +171% in 2020."
Notable Developments:
- Ethereum Outshines Bitcoin After U.S. Federal Reserve Rate Cut, But Here’s How Volatility Could Crash The Party
- China Controls 55% Of Bitcoin Hashrate Despite Crypto Ban, But The US Is Catching Up
- Donald Trump Sees ‘Good Future’ For Crypto, Suggests It Could Help Pay Off $35 Trillion National Debt
- Bitcoin’s On-Chain Metrics Are Turning Bullish: What Is Going On?
- Bitcoin ETF Surge In Pre-Market As King Crypto Hits $63,500
- Polymarket Traders Predict 45% Chance Of No Prison Time For Former FTX CEO Caroline Ellison
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| Bittensor TAO/USD | $542.67 | +17.5% |
| Arweave AR/USD | $22.54 | +16.2% |
| Popcat (SOL) POPCAT/USD | $0.9648 | +15.9% |
Trader Notes: With Bitcoin prices trading relatively flat, Rekt Capital sees “breakout time” on the horizon. He added that historically, Bitcoin has broken out from its re-accumulation range 154-161 days after the halving (157 days currenlty).
Martinez highlighted the double-bottom pattern formed on Bitcoin's chart.
Crypto trader Mayne explains that Bitcoin reached the previous lower high in previous price rallies before fully retracing. The main difference is that it’s coming off a potentially higher low, signaling a possible trend reversal. He added, "bears have limited time to push the price back down."
He concluded, "Uptober looming, should be exciting."
Another trader marked "how important the reclaim of key horizontal $63,905 will be" and he predicts another throwback before BTC actually reclaims this level.
He stressed that a primed throwback target would be $60,200 horizontal.
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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