Zinger Key Points
- Global cryptocurrency market capitalization is trading 2% lower to $2.53 trillion.
- Trader points out a similar de-risking pattern before the 2016 and 2020 elections.
- Get Monthly Picks of Market's Fastest Movers
Cryptocurrency markets are trading down as Bitcoin fights to stay above the $70,000 level.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $70,425 | -2.1% |
| Ethereum ETH/USD | $2,523 | -5.3% |
| Solana SOL/USD | $169.25 | -3.1% |
| Dogecoin DOGE/USD | $0.1625 | -3.4% |
| Shiba Inu SHIB/USD | $0.00001793 | -2.9% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume decreasing by 4.77% and daily active addresses falling by 4.97%. Exchanges netflows are up by 483% as Bitcoin dominance stands at 57%.
- Coinglass data reports 76,421 traders were liquidated in the past 24 hours for $200 million, $172 million of which were long liquidations.
Notable Developments:
- Trading Bitcoin During The 2024 Election: Here’s What You Should Know
- ‘What Coin Should I Buy?’—Binance Founder Changpeng Zhao Shares Anecdotes From 4-Month Prison Stint
- Donald Trump Wishes Bitcoiners ‘Happy Birthday’, Vows To ‘End Kamala’s War On Crypto’ As World Liberty Financial Falls Way Short Of Fundraising Goal
- ‘We’d Be A Fool If We’re Not Prepared’—Florida’s Chief Financial Officer Vows To ‘Harness Opportunities’ In Crypto
- Bitcoin, Gold Will Surge If Donald Trump Wins: JPMorgan
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| Klaytn KLAY/USD | $0.1393 | +9.6% |
| Kaspa KAS/USD | $0.1144 | +3.7% |
| Raydium RAY/USD | $3.14 | +2.5% |
Trader Notes: Trader HornHairs pointed out that a similar sell-off took place before the 2016 and 2020 elections but cautioned his followers not to succumb to the short-term urge to sell.
CryptoKaleo highlighted another similarity between the 2024 and 2020 chart patterns. In 2020, Bitcoin did not immediately “rip” after breaking its all-time high and a similar pattern may be playing out now, according to the heavily-followed trader.
Trader Altcoin Sherpa marked the next potential support areas if Bitcoin were to fall below the $70,000 level.
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.
Read Next:
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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