Zinger Key Points
- Global cryptocurrency market capitalization is trading 0.2% higher to $3.28 trillion.
- One trader sees a 15% to 30% correction only after Bitcoin touches $135,000 or even $159,000.
- Get Monthly Picks of Market's Fastest Movers
Cryptocurrency markets are trading lower on Monday, with Ethereum a notable outperformer.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $94,748.63 | -1.6% |
| Ethereum ETH/USD | $3,482.07 | +4.7% |
| Solana SOL/USD | $240.19 | -3.6% |
| Dogecoin DOGE/USD | $0.4052 | -3.3% |
| Shiba Inu SHIB/USD | $0.00002568 | +2.8% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume decreasing by 22% and daily active addresses falling by 8.4%. Transactions greater than $100,000 are down from 11,633 to 9,585 in a single day. Exchanges netflows are down by 96.4%.
- Coinglass data reports 153,054 traders were liquidated in the past 24 hours for $439.64 million.
Notable Developments:
- WisdomTree Files For XRP ETF Trust: Report
- Drug Cartels Use Tether And Bitcoin To Launder Millions, Court Documents Reveal
- Bitcoin ETFs Registered Record $3.12 Billion Net Inflows Last Week
- Trump’s Commerce Secretary Pick Howard Lutnick-Led Firm In Talks For A Bitcoin Lending Project With Tether: Report
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| The Sandbox SAND/USD | $0.728 | +27.4% |
| Lido DAO LDO/USD | $1.71 | +22.4% |
| Arbitrum ARB/USD | $0.9422 | +13.7% |
Trader Notes: With Bitcoin trading below the $95,000 mark, crypto trader Altcoin Sherpa humorously advised followers to "unsee this" in response to the price dip.
Crypto chart analyst Ali Martinez compared the current bullish cycle to those of 2020 and 2017, predicting that if historical patterns hold, the first significant correction (ranging from 15% to 30%) might not occur until Bitcoin reaches $135,000 to $159,000.
Rekt Capital highlighted that past Bitcoin cycles typically experienced major corrections six to seven weeks into price discovery: The 2013 cycle saw six weeks of upside before a correction in week seven, while seven weeks of gains followed by a 34% retrace in week eight in the 2017 cycle. Lastly, there were six weeks of rallying before a 16% pullback in the 2020/2021 cycle.
Rekt Capital noted that Bitcoin is currently in week four, suggesting further upward momentum may occur before a significant correction, based on historical trends.
Meanwhile, The Cryptomist suggested targeting long positions around $82,000–$84,000 if Bitcoin loses its current trend.
Read Next:
Image: Shuterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
