Zinger Key Points
- Global cryptocurrency market capitalization is trading 1.6% lower to $2.3 trillion.
- One trader sees Bitcoin’s new higher low being formed, while another predicts $80,000 after the U.S. elections.
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Cryptocurrency markets are trading lower despite strong ETF inflows.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $69,286.96 | -1.5% |
| Ethereum ETH/USD | $2,512.05 | -0.3% |
| Solana SOL/USD | $165.84 | -1.9% |
| Dogecoin DOGE/USD | $0.1606 | -0.7% |
| Shiba Inu SHIB/USD | $0.00001743 | -2.4% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume decreasing by 9.7% and daily active addresses marginally higher by 0.7%. Transactions greater than $100,000 are down from 11,191 to 10,285 in a single day. Exchanges netflows are down by 75%.
- Coinglass data reports 80,297 traders were liquidated in the past 24 hours for $277.81 million.
- Rekt Capital noted Bitcoin dominance at a historic monthly close. He added the last time BTC dominance closed like this in a macro uptrend was in early 2019.
- Crypto chart analyst Ali Martinez highlighted Bitcoin ETFs inflows topping $520 million, the highest since their launch.
Notable Developments:
- Flipster Introduces Lightning-Fast Perpetual Futures Listing Model For Emerging Tokens Amid Altcoin Surge
- Bitcoin May End The Year At $79,000, Economist Predicts—But Here’s How Different Election Outcomes Could Change That
- Can Blockchain Transform Finance Or Will Banks Like Citi, JPMorgan Wield It For Efficiency?
- Solana Sees $173M Funding Surge In Q3 Amid Rising Institutional Interest From PayPal, Visa, Franklin Templeton
- Borderless.xyz Integrates With Fireblocks To Enhance Fiat-to-Crypto Payment Capabilities
Top Losers:
| Cryptocurrency | Price | Gains +/- |
| Immutable IMX/USD | $1.13 | -13.2% |
| Pyth Network PYTH/USD | $0.3651 | -6.2% |
| Celestia TIA/USD | $4.54 | -5.5% |
Trader Notes: With Bitcoin prices dropping below the $70,000 mark, crypto trader Jelle cautions not to get shaken out.
Another crypto trader, Javon Marks, sees Bitcoin having confirmed another post-halving bull signal for the fourth consecutive time. The trader added that each of these prior confirmations have led to monumental runs for the crypto king and the cryptocurrency markets.
He concluded, "Another one of these SIGNIFICANT post-halving runs could be upon us."
Another trader predicted $80,000 after the election.
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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