Cryptocurrency markets are trading higher, taking 96% Bitcoin holders into profit.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $67,883.56 | +1.6% |
| Ethereum ETH/USD | $2,617.07 | +1.3% |
| Solana SOL/USD | $154.56 | -0.15% |
| Dogecoin DOGE/USD | $0.1265 | +10.2% |
| Shiba Inu SHIB/USD | $0.00001869 | +3.4% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume increasing by 43.5% and daily active addresses growing by 10.4%. Transactions greater than $100,000 are up from 9,217 to 9,654 in a single day. Exchanges netflows are up by 43.8%.
- Coinglass data reports 53,788 traders were liquidated in the past 24 hours for $147.29 million.
- Crypto trader Jake Gagain pointed to Bitcoin reaching the highest market dominance (58.8%) since 2021. Analysts predict Bitcoin could reach 60% dominance before an altcoin season begins.
Notable Developments:
- Elon Musk’s Tesla Waving Goodbye To Bitcoin? $760M Sent To Unknown Wallets
- Venture Capitalist Labels Gary Gensler ‘Worst Crypto Regulator Ever,’ Says Election Race Is A ‘Win-Win’ For Crypto Investors
- Bitcoin’s Next Big Move To Be Decided By Election Result And Labor Market Report, Says Benjamin Cowen
- Dogecoin, Shiba Inu, Reached Multi-Billion Dollar Valuations In Months That Took Regular Companies Decades, Study Finds
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| FTX Token FTT/USD | $2.1 | +14% |
| Dogecoin DOGE/USD | $0.1265 | +10.2% |
| Bonk BONK/USD | $0.00002409 | +7% |
Trader Notes: With Bitcoin prices hovering around $67,000 mark, trader Michaёl van de Poppe stated that the crypto king is targeting a new all-time high as the trend has shifted. He anticipates this happening within the next 3-4 weeks, with Bitcoin potentially reaching $90,000 by the end of the year.
Voicing a similar opinion, CryptoCon marks Bitcoin’s next target at $109,000 which could potentially be reached as early as December. According to the trader, everything is aligning for a year of all-time highs in 2025, with no recession or bear market in sight.
Santiment’s poll on when BTC will hit $73,700 shows 41.6% of respondents thinking it will be by the end of October and 36.5% by end of 2024. Around 9.4% say it will never happen.
Crypto trader BitQuant sees an upcoming range where Bitcoin might consolidate between $75,000 and $95,000. $63,000 remains a solid buying price for BTC, but the trader does not recommend buying above $70,000.
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.
Read Next:
Image: Shutterstock
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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