Cryptocurrency markets are trading higher as expectations around Chinese stimulus rise.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $65,903.70 | +5.4% |
| Ethereum ETH/USD | $2,630.58 | +7.4% |
| Solana SOL/USD | $156.05 | +7% |
| Dogecoin DOGE/USD | $0.115 | +4.8% |
| Shiba Inu SHIB/USD | $0.00001826 | +5.8% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume decreasing by 6.9% and daily active addresses growing by 1%. Transactions greater than $100,000 are down from 6,165 to 5,104 in a single day. Exchanges netflows are down by 80%.
- Coinglass data reports 61,029 traders were liquidated in the past 24 hours for $234.09 million. Crypto short liquidations stand at $181 million, the highest since Aug. 5.
Notable Developments:
- Bitcoin Closes In On $65K As ETFs See Over $400M In Net Inflows
- Bitcoin Mining Stocks Marathon Digital, Riot Platforms And CleanSpark Are Rallying: What’s Going On?
- Why Crypto Apps Are Struggling: Expert Says Operational Hurdles, Not Just Regulation, Are To Blame
- Kamala Harris Unveils Crypto Regulatory Framework As Part Of Outreach Toward Black Male Voters, But Not Everyone’s Convinced
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| Book Of Meme BOME/USD | $0.01009 | +32.4% |
| Worldcoin WLD/USD | $2.34 | +18.2% |
| Ethena ENA/USD | $0.4093 | +18% |
Trader Notes: With Bitcoin prices crossing the $65,000 mark, Santiment data pointed out that the rise has prompted traders to seek opportunities in the GameFi and memecoin sectors, with discussions around these altcoins increasing.
Historically, this signals growing bullish sentiment. After a five-week market rally, slight FOMO may continue, with speculative assets gaining attention until a correction shifts sentiment back to fear.
Crypto trader Stockmoney Lizards sees Bitcoin entering the FOMO zone.
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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