Zinger Key Points
- Global cryptocurrency market capitalization is trading 3.4% lower to $2.2 trillion as markets await the election results.
- One trader cautions the next two days of price action could be brutal.
- Discover Fast-Growing Stocks Every Month
Cryptocurrency markets are trading lower on the day before the presidential election.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $67,873.44 | -1.1% |
| Ethereum ETH/USD | $2,429.33 | -0.8% |
| Solana SOL/USD | $159.90 | -0.6% |
| Dogecoin DOGE/USD | $0.1596 | +7.5% |
| Shiba Inu SHIB/USD | $0.00001691 | -1.5% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume increasing by 7.7% and daily active addresses falling by 8.4%. Transactions greater than $100,000 are down from 6,498 to 5,942 in a single day. Exchanges netflows are down by 457.7%.
- Coinglass data reports 59,506 traders were liquidated in the past 24 hours for $159.29 million.
Notable Developments:
- Michigan Pension Fund Invests $10M In Ethereum ETFs, Exceeds Bitcoin Holdings
- Why Do Crypto Projects Fail? Naval Ravikant Reveals Surprising Reason Behind This Phenomenon
- $61,000 Is Bitcoin’ Line In The Sand For ETF Demand To Remain Steady, Says Analyst
- Bitcoin Could Hit $90,000 If Trump Wins, Hold $50,000 Floor Under Harris: Bernstein
Top Losers:
| Cryptocurrency | Price | Gains +/- |
| THORChain RUNE/USD | $4.58 | -8.9% |
| Popcat (SOL) POPCAT/USD | $1.24 | -6.6% |
| Optimism OP/USD | $1.33 | -6.4% |
Trader Notes: With Bitcoin prices trading relatively flat, crypto chart analyst Ali Martinez flags a buy signal on Bitcoin’s 12-hour chart.
Crypto trader MaxBecauseBTC talks about the significance of the election, noting that based on historical trends, Bitcoin tends to perform well in the year following a U.S. presidential election, regardless of which party wins. However, the outcome could impact altcoins differently.
The analyst is heavily invested in Bitcoin and cautions others to brace for intense price swings over the next 48 hours, suggesting it may be less stressful to step away from monitoring charts during this period.
IntoTheBlock data shows that long-term holders are selling but in a less aggressive manner than in previous weeks. The tweet added that this moderate sell-off suggests a shift, with investors showing caution about Bitcoin's current market stage.
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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