Zinger Key Points
- Global crypto market cap is trading 4.2% higher to $2.21T; however, open interest has dropped to its lowest levels in two months.
- Analysts question if Bitcoin is ready to end the downside deviation, while another analyst is curious that it needs to reclaim some levels
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Cryptocurrency markets on Thursday clawed back some of their losses earlier in the week, with Bitcoin open interest sinking to its lowest levels in two months.
What Happened: Major cryptocurrencies are up moderately at the time of writing:
Prices as of 4 p.m. Eastern Time:
| Cryptocurrency | Gains +/- | Price |
| Bitcoin BTC/USD | 4% | $59,335 |
| Ethereum ETH/USD | 2.3% | $2,999 |
| Solana SOL/USD | 6.3% | $138.5 |
| Dogecoin DOGE/USD | 4.4% | $0.133 |
| Shiba Inu SHIB/USD | 5% | $0.00002311 |
Notable statistics:
- Open interest stands at $28.19 billion, the lowest level since early March 2024.
- In the past 24 hours, 48,914 traders were liquidated for a total of $155.29 million. Short liquidations ($90.36 million) outnumbered long liquidations ($64.88 million).
- 86% of Bitcoin holders are in profit.
- Bitcoin spot ETFs recorded substantial net outflows ($564 million) on Wednesday.
Notable developments:
- U.S. PayPal users can now purchase cryptocurrencies through MoonPay.
- MicroStrategy unveils a decentralized identity service built on the Bitcoin Ordinals protocol.
- BlackRock expects renewed institutional interest in Bitcoin ETFs.
Top Gainers:
| Cryptocurrency | Gains +/- | Price |
| Arweave AR/USD | 19.8% | $34.64 |
| PepePEPE/USD | 10.9% | $0.000007638 |
| Axelar AXL/USD | 9.3% | $1.25 |
Also Read: Bitcoin’s ‘Party Is Over’: Why Peter Schiff Sees Bitcoin In A Bear Market
Analyst Notes: Rekt Capital, a notable crypto trader, states that Bitcoin is +2% away from reclaiming the re-accumulation range low.
Altcoin Sherpa, in his latest tweet, suggests that Bitcoin needs to show more strength before they go all in. He expresses skepticism about the current state of Bitcoin and warns that despite some positive movement in altcoins, investors should not rush to invest heavily at the current levels.
He stresses that Bitcoin needs to "reclaim some levels" and break the $60,000 mark to demonstrate more strength before investors should consider going all in.
Crypto trader and analyst CrediBULLCrypto latest X post highlights that Bitcoin is making a bit of progress off its local lows but this type of choppy rise leaving behind a bunch of untapped liquidity is not ideal as usually it comes back for it later.
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: Bitcoin Market In Distribution: Are We Nearing A Bottom?
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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