Cryptocurrency markets are trading higher on positive labor market data.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $62,356.18 | +2.7% |
| Ethereum ETH/USD | $2,432.81 | +3.8% |
| Solana SOL/USD | $143.92 | +5.7% |
| Dogecoin DOGE/USD | $0.1094 | +5% |
| Shiba Inu SHIB/USD | $0.00001751 | +10.2% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume increasing by 10.9%. Daily active addresses grew by 2.7%. Transactions greater than $100,000 are down from 8,750 to 8,422 in a single day. Exchanges netflows are up by 124.5%.
- Coinglass data reports 41,515 traders liquidated in the past 24 hours for $116.77 million. Long liquidations are at their lowest since Sep 27.
- Crypto chart analyst Ali Martinez cited CryptoQuant data that over the past six days, Bitcoin miners have sold 2,364 BTC worth $143 million.
Notable Developments:
- US Labor Market Posts Strong Data—What It Means For Bitcoin
- Satoshi Nakamoto Being Pseudonymous ‘Is One Of The Coolest Things Ever,’ Human Rights Activist Said—Could The HBO Documentary Kill The Mystery?
- Bitcoin Miner TeraWulf Releases September Mining Update: Details
- Bitcoin Miner Iris Energy Releases September Update: What To Know
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| Popcat (SOL) POPCAT/USD | $1.17 | +21% |
| FTX Token FTT/USD | $2.31 | +17% |
| Bittensor TAO/USD | $573.7 | +15% |
Trader Notes: With Bitcoin prices hovering around $62,000 mark, Daan Crypto Trades sees this as another effort of breaking the $62,400 level. He added, "the longer it consolidates below here, the more likely a break higher will be."
However, he does not expect much from Bitcoin, as it is almost weekend and the U.S. markets remain closed.
Crypto trader Jelle predicts that a chop around these prices for the weekend will lead to a push higher in the next week. He added, "Summer lull seasonality over, Q4 bull seasonality is in." In another tweet, Jelle noted locking in a new higher low before the weekend.
CEO and Founder of Cryptoverse Benjamin Cowen pointed out that in April his prediction was a consolidation for 6-9 months after reaching its “mid-cycle top." Six months have now passed, meeting the minimum time for consolidation.
He warns that if there’s a labor market scare this quarter, Bitcoin could drop further, potentially to the 100-week SMA. This could extend the consolidation to nine months like the previous cycle. He advises to hedge for both outcomes.
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:
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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