Cryptocurrency markets are trading relatively flat after Bitcoin’s run above $71,000.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $71,930.79 | -1% |
| Ethereum ETH/USD | $2,662.75 | -1.3% |
| Solana SOL/USD | $174.39 | -2.3% |
| Dogecoin DOGE/USD | $0.1684 | -1.4% |
| Shiba Inu SHIB/USD | $0.00001844 | -2.3% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume decreasing by 57.6% and daily active addresses growing by 7.8%. Transactions greater than $100,000 are up from 9,521 to 13,547 in a single day. Exchanges netflows are up by 322.7%. There are no Bitcoin holders currently making a loss.
- Coinglass data reports 49,256 traders were liquidated in the past 24 hours for $145.86 million, with short liquidations at the lowest level since Oct.19.
Notable Developments:
- Will Europe’s MiCA Rule Change Crypto For The Better Or Lead To Consolidation?
- Bitcoin To Cross $100,000 By Early 2025, Bitwise Chief Investment Officer Predicts
- Satoshi Nakamoto Could Soon Be Surpassed By BlackRock, Grayscale As Top Bitcoin Holder
- Ubisoft Launches Blockchain Game With NFTs Priced As High As $64,000
- Bitcoin Correction Incoming? Bhutan Moves BTC Worth $60M To Binance
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| Maker MKR/USD | $1,255.92 | +9.8% |
| Chainlink LINK/USD | $12.24 | +6.2% |
| MANTRA OM/USD | $1.45 | +5.7% |
Trader Notes: With Bitcoin prices dropping 2% in single day but holding on to $71,000, crypto trader Javon Marks sees the one-hour chart setting up in a bull flag pattern just below the All-Time Highs. He predicts a surge into new, unprecedented heights can be in development,
Meanwhile, crypto chart analyst Ali Martinez highlighted Bitcoin performance over the last three U.S. presidential elections.
Michael van de Poppe noted that Bitcoin ETF inflows are chasing all highs, with $900 million inflow pushing Bitcoin towards a new peak. He stated, "I think there’s more upside coming in the coming period with a constant flow of interest."
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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Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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