Bitcoin, Ethereum, Dogecoin Grind Lower; Shiba Inu Outperforms: 'Price Rallied For 1 Year After Election,' Trader Says

Cryptocurrency markets traded within a tight downward range on Wednesday, as traditional markets had a rocky trading day with increased volatility.

Prices as of 4:00 p.m. ET:

Cryptocurrency	Price	Gains +/-
Bitcoin BTC/USD	$67,140	-1.9%
Ethereum ETH/USD	$3,745	-2.6%
Solana SOL/USD	$169.00	-0.7%
Dogecoin DOGE/USD	$0.165	+0.2%
Shiba Inu SHIB/USD	$0.0000275	+3.8%

Notable Statistics:

• Liquidations declined from $170 million on Tuesday to just over $100 million on Wednesday at the time of writing, with over $75 million in longs liquidated.
• Options data shows 65% of outstanding positions in call options, betting on increasing prices.
• The long/short ratio was split almost 50/50, with 50.80% of traders taking short positions at the time of writing.

Notable Developments:

• EXCLUSIVE: Can BRETT Become The Shiba Inu Of The Base Blockchain?
• Trump Guilty Verdict In Hush Money Trial? 76% Chance, Say Crypto Bettors On Prediction Market
• Dogecoin Is ‘The Easiest Play, ‘Will 2x Instantly’ Once It Starts Moving, Bullish Traders Predict
• PayPal Launches PYUSD Stablecoin On Solana
• EXCLUSIVE: Will Ethereum ETFs Lead To New All-Time Highs? 50% Of Holders Say They Would Sell At This Price

Top Gainers:

Cryptocurrency	Price	Gains +/–
Worldcoin WLD/USD	$4.84	+4%
Dogwifhat WIF/USD	$3.82	+4%
Bitget Token BGB/USD	$1.32	+3.8%

Trader Notes: Trader notes were unusually muted due to low volatility.

BecauseBitcoin CEO Max pointed out the historical price movement of Bitcoin in election and post-election years.

Prices rallied for one year after each election, he noted.

Here is #Bitcoin overlayed with the most recent US Presidential Elections.

Very interesting to see how price navigates leading into the election & then afterward.

Notice the grey boxes at each cycle top – Historically, price has rallied for roughly 1 year after each election pic.twitter.com/Y8fFtw9j7B

— Max (@MaxBecauseBTC) May 29, 2024

Bitcoin-based firm Unchained highlighted that over half of all bitcoin have not been moved since May 2022, despite several bearish catalysts occurring in the meantime. This underscores a much-talked about point by Bitcoin advocates—the currency’s famously inelastic supply.

~55% of all #bitcoin have remained unmoved since May 2022, despite:

– Implosion of nearly all bitcoin yield products
– Collapse of Terra Luna
– FTX bankruptcy
– Approval and launch of spot bitcoin ETFs
– Savers upgrading to multisig
– Consolidation of UTXOs pic.twitter.com/Gqz9nKJq8e

— Unchained (@unchainedcom) May 29, 2024

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: Shiba Inu Investor Turns $2,625 Investment In ‘Dogecoin Killer’ To $1.1M Afer 3.5 Years Of Inactivity

Photo: Shutterstock