Cryptocurrency markets are surging on Tuesday amid Donald Trump's rising election odds, positive broader economic factors and subsiding geopolitical tensions.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $72,870.84 | +4.4% |
| Ethereum ETH/USD | $2,662.43 | +5.8% |
| Solana SOL/USD | $179.25 | +1.3% |
| Dogecoin DOGE/USD | $0.1731 | +10.4% |
| Shiba Inu SHIB/USD | $0.00001902 | +6.8% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume increased by 112.3% and daily active addresses grew by 18.2%. Transactions greater than $100,000 are up from 5,505 to 9,521 in a single day. Exchanges netflows are down by 1,448.6%.
- Coinglass data reports 61,293 traders were liquidated in the past 24 hours for $263.54 million.
- Crypto analyst Miles Deutscher marked Bitcoin exchange reserves touching all-time lows as he predicts an incoming supply squeeze.
- Industry expert Benjamin Cowen noted Bitcoin dominance finally peaking at 60% after more than three years.
Notable Developments:
- MicroStrategy, Coinbase Shares Are Rising Tuesday: What’s Going On?
- Bitcoin Demand To Surge As China Implements ‘Monetary Chemotherapy,’ Arthur Hayes Predicts
- Coinbase CEO Brian Armstrong Says Next SEC Chair Should Apologize For The ‘Damage Done To The Country’ By ‘Frivolous’ Lawsuits
- Grayscale’s Bitcoin, Ethereum Funds See $750M Inflows In 3 Months
- Grant Cardone Says Real Estate Tokenization Will ‘Democratize Access,’ But Warns SEC Is ‘Dragging Its Feet’
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| Sui SUI/USD | $2.02 | +20.6% |
| Popcat (SOL) POPCAT/USD | $1.77 | +16.4% |
| Mog Coin MOG/USD | $0.051999 | +15% |
Trader Notes: With Bitcoin prices chasing the all-time high mark of $73,697, crypto trader Jelle noted there is only one untagged high left.
CryptoCon added that the “Halving Cycles Theory” predicted Nov. 28 as the start of the “true bull market” year since early 2023. With Bitcoin’s price nearing all-time highs and only one month left, the theory appears to be on track.
Bloomberg Senior ETF Analyst Eric Balchunas stated that the U.S. spot Bitcoin ETFs are on track to reach 1 million BTC by next Wednesday and surpass Satoshi's holdings (1.1 million BTC) by mid-December. He predicts a Donald Trump win, along with higher prices, could accelerate FOMO-driven inflows and push milestones even sooner.
The ETFs adding around 17,000 BTC weekly, though market factors like a selloff or rising prices could impact the timeline, Balchunas believes.
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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