Zinger Key Points
- Global cryptocurrency market capitalization is trading around $2.5 trillion.
- Traders see $80,000 as the next target.
- Discover Fast-Growing Stocks Every Month
Cryptocurrency markets are trading mostly sideways to close out the week.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $76,596.76 | -0.1% |
| Ethereum ETH/USD | $2,941.75 | +1.8% |
| Solana SOL/USD | $198.79 | +0.9% |
| Dogecoin DOGE/USD | $0.1959 | +1.8% |
| Shiba Inu SHIB/USD | $0.00001878 | -0.9% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume decreasing by 26.3% and daily active addresses falling by 10.2%. Transactions greater than $100,000 are up from 15,034 to 11,544 in a single day. Exchanges netflows are up by 94.2%.
- Coinglass data reports 91,985 traders were liquidated in the past 24 hours for $265.50 million.
- On-chain and macro research provider Axel Adler Jr noted that the Bitcoin Profitability Index is currently at 221%, with past cycle peaks reaching 460% and 395%, and the previous high at 272%. Currently, users have an average profitability exceeding their initial investments by 121%.
Notable Developments:
- Bitcoin To $200,000, Ethereum To $10,000 And Crypto Market Cap To 4X By End Of 2025, Says Standard Chartered
- El Salvador’s Bitcoin Bet Is Paying Off—Here’s How Much The Country Is Up
- ‘Crypto Queen’ Ruja Ignatova, OneCoin’s $4 Billion Fraud Mastermind, Is Alive And In South Africa, German Police Suspects
- Cardano Up 13% As Speculation Around Charles Hoskinson As Trump Crypto Policy Advisor Bubbles
- Solana Staking Yields Double Ethereum’s As Both Battle Treasury Rates
- Bitcoin ETFs Saw Record $1.38 Billion Inflows On Thursday
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| Cronos CRO/USD | $0.1125 | +22% |
| Polygon MATIC/USD | $0.4 | +16.4% |
| Cardano ADA/USD | $0.44 | +10.6% |
Trader Notes: With Bitcoin prices breaching the $76,000 mark, crypto trader Kevin sees BTC trading in an ascending triangle. He says the price target is $80,000.
Titan Of Crypto stated that Bitcoin "usually tops 12-13 months” after a U.S. presidential election. He predicts a potential cycle peak around the end of 2025, with a target of $150,000.
Crypto trader More Crypto Online is optimistic about Bitcoin reaching at least $78,000 but notes that a drop below $74,500 would shift attention to a Fibonacci support zone between $69,418 and $73,977. For now, the local trend remains upward.
Javon Marks predicts Bitcoin could see a 51% rally to $116,652 if it holds the key $67,559 target.
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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