Cryptocurrency markets are trading higher, with Bitcoin ETFs recording another strong trading day.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $89,117.97 | +3% |
| Ethereum ETH/USD | $3,279.31 | -0.8% |
| Solana SOL/USD | $213.08 | -2.4% |
| Dogecoin DOGE/USD | $0.3846 | +20.5% |
| Shiba Inu SHIB/USD | $0.00002644 | -3.3% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume increasing by 60.7% and daily active addresses growing by 17%. Transactions greater than $100,000 are up from 10,856 to 17,022 in a single day. Exchanges netflows are down by 410.7%.
- Coinglass data reports 269,145 traders were liquidated in the past 24 hours for $938.44 million. Crypto long liquidations of $527.4 million were the highest since Aug. 5. Open interest spiked to $54.3 billion.
Notable Developments:
- Raoul Pal Predicted Bitcoin To Hit $250,000—But He Thinks Ethereum Could Outperform Under Donald Trump’s Administration
- Robinhood CEO Vlad Tenev: Operating A Crypto Business Has ‘Undeniable’ Advantages
- Bitcoin Miners Hive Digital, Hut 8, Bitfarms To Report Earnings As Future Of Crypto ‘Has Never Been Brighter’
- Bitcoin ETFs Post Record $1.1 Billion Inflow: What Is Going On?
- The German Government Sold Its Bitcoin—Here’s How Much It Missed Out On
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| AIOZ Network AIOZ/USD | $0.786 | +33.3% |
| Bonk BONK/USD | $0.00003448 | +27.8% |
| Dogecoin DOGE/USD | $0.3846 | +20.5% |
Trader Notes: With Bitcoin prices nearing the $90,000-mark, crypto trader The Moon predicts that if Bitcoin breaks to $90,000 today then “we will easily be at $100,000 tomorrow already.”
Crypto trader Pentoshi pointed out that in previous bull markets, Bitcoin experienced at least eight pullbacks over 20%, each resulting in sharp V-shaped recoveries within the same year. While he doesn't anticipate similar behavior for Bitcoin this time, it is expected for altcoins.
The trader recommends keeping cash on hand for “stink bids” during these dips, as such opportunities can lead to substantial gains. Pullbacks are seen as inevitable and often purge overleveraged positions from the market.
More Crypto Online noted that Bitcoin is holding at its current support at $85,210. The key support lies at the 50% retracement at $83,881. A drop below this level could invalidate the upward extension.
The trader sees target is one more peak between $92,000 and $95,000 before wave (4) potentially starts.
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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