Major cryptocurrencies experienced a significant drop on Monday evening, with exchanges reporting the lowest quantity of available Bitcoin since April 2018, excluding the recent lows noted in October.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin BTC/USD | -0.63% | $37,157 |
| Ethereum ETH/USD | -1.53% | $2,026 |
| Dogecoin DOGE/USD | -0.13% | $0.078 |
What Happened: According to Glassnode, an on-chain analytics firm, the total holdings of major exchanges were reported at 2.332 million BTC as of Nov. 26. This is the smallest amount of available BTC since April 2018, with the exception of recent lows in October. In March 2020, just after the cross-market crash caused by COVID-19, the tally reached its peak at 3.321 million BTC.
In April 2024, BTC will experience its latest “halving” event. This event will cut the available supply of the cryptocurrency claimed through mining by 50%. As a result, there will be a proportional decrease in new BTC entering the market. This anticipated decrease in supply is expected to drive up the price of the coin.
A macro week with significant volatility triggers is on the horizon for Bitcoin traders as November comes to a close. The Federal Reserve is set to receive crucial data regarding inflation in the coming days, which will have an impact on the interest rate policy decision for next month.
Fed Chair Jerome Powell is scheduled to speak on Dec. 1.
Top Gainers (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| THORChain | +6.56% | $5.58 |
| Terra | +6.18% | $0.0001016 |
| Celestia | +6.12% | $5.71 |
The global crypto market cap currently stands at $1.41 trillion, reflecting a decrease of 1.15% in the past 24 hours.
The S&P 500 dipped down by 0.20% to 4,550.43, while the Nasdaq Composite saw a slight decrease of 0.07% to 14,241.02.
See More: Best Cryptocurrency Scanners
Analyst Notes: Eli Taranto, Executive Director at EQI Bank, in a note seen by Benzinga, said, "This week could see a positive ripple effect leading to a Bitcoin surge.”
He added, "Investors are eager to parse through fresh economic data, which is set to reveal the consumer sentiment index, housing market insights with new home sales figures, and a snapshot of the economy’s performance with the third-quarter GDP report. The burgeoning optimism, should the positive economic trend persist, might stoke anticipatory pressures for a bullish resurgence in BTC valuation, potentially propelling the cryptocurrency to revisit the coveted $40,000 threshold."
Taranto writes, "Simultaneously, the market is adjusting after periods of oversold extremes. All eyes are on the benchmark 10-year Treasury yield—a barometer for investor sentiment and economic outlook—particularly in the aftermath of recent Federal Reserve remarks."
Cryptocurrency analyst Michael Van de Poppe has expressed optimistic views on Ethereum’s future rally.
He believes that Ethereum will likely continue its upward momentum. According to him, if there is a possible drop toward the $1,800-1,900 range, it could serve as a favorable entry point. This is because Ethereum is aiming to break out of an 18-month range, indicating potential bullish movement.
After surpassing this range, Van de Poppe suggests that Ethereum could aim for targets around $3,100-3,600.
According to Santiment, an on-chain data analytics firm, fear sentiment is increasing as two-thirds of the top 100 altcoins have experienced a retracement over the past week. In the recent hours, many of these altcoins have seen a significant decline in their November profits. If fear, uncertainty, and doubt (FUD) continue to dominate the market, it may present valuable opportunities for buyers to consider buying the dip.
Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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