Zinger Key Points
- Global cryptocurrency market capitalization is trading 0.91% down to $3.7 trillion despite rising key metrics.
- One trader suggests going easy on leverage as there may be more downside volatility.
- Discover Fast-Growing Stocks Every Month
Cryptocurrency markets are trading sideways on Tuesday, as markets await the Federal Reserve's interest rate cut decision. The Fed is expected to announce its third consecutive reduction with a 25-basis-point rate cut.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $106,263.2 | -0.1% |
| Ethereum ETH/USD | $3,928.85 | -3.4% |
| Solana SOL/USD | $226.35 | +3.8% |
| XRP XRP/USD | $2.62 | +5.3% |
| Dogecoin DOGE/USD | $0.3991 | -1.6% |
| Shiba Inu SHIB/USD | $0.00002676 | -2.9% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume increasing by 124.1% and daily active addresses growing by 22.2%. Transactions greater than $100,000 are up from 9,619 to 16,509 in a single day. Exchanges netflows are up by 400.5%.
- Coinglass data reports 114,983 traders were liquidated in the past 24 hours for $279.92 million
Notable Developments:
- ‘Institutional Are Crypto Curious,’ Bitwise Exec Says: How ETFs Bring Efficiency To Digital Asset Portfolios
- CoinShares CEO Optimistic About Bitcoin ETFs, Ethereum Under Trump
- US Man Funneled Thousands In Crypto To ISIS Over 3 Years, Faces 20 Years In Prison
- Bitcoin Price Sets All-Time High Of $108,388, Then Dips To $106K: What Is Going On?
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| Pudgy Penguins PENGU/USD | $0.03144 | 529.5% |
| Cronos CRO/USD | $0.197 | 11.7% |
| Bitget Token BGB/USD | $3.86 | +12.4% |
Trader Notes: With Bitcoin prices hovering around the $106,000 mark, Altcoin Sherpa sees a little more downside volatility for Bitcoin.
He predicted, "the market is going to full send here once BTC resolves itself." He also predicts a lull for altcoins if Bitcoin grinds down to lower levels, recommending to go "easy on the leverage."
BitwiseInvest senior investment strategist Juan Leon sees Bitcoin's rise driven by record-breaking ETF inflows and aSolana's emergence as a retail darling, having left Ethereum largely overlooked in 2024.
Crypto trader Mister Crypto sees Bitcoin funding rates still not overheated. He expects the market will push higher as long as they will not reach 1%.
More Crypto Online noted Bitcoin is approaching the target zone at $108,636 – $110,440.
He believes a sustained break below $105,550 would be the first sign of a potential price top.
Support for the crypto king is between $99,333 and $102,600.
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