Cryptocurrency markets are rallying into the weekend, as traders remain convinced the range-bound price action will eventually resolve upwards.

Cryptocurrency	Price	Gains +/-
Bitcoin BTC/USD	$59,680	+4.4%
Ethereum ETH/USD	$2620	+3.3%
Solana SOL/USD	$140.7	+0.8%
Dogecoin DOGE/USD	$0.1013	+2.4%
Shiba Inu SHIB/USD	$0.00001325	+0.4%

Notable Developments

Blockchain Unicorn 5ire Launches Mainnet Following 1M Monthly Testnet Transactions
Bitcoin Miners’ Profits Dipped In July Compared To June: Jeffries
MSTX Becomes First Single-Stock Leveraged ETF For MicroStrategy Stock, Offers 175% Exposure
Bettors Dismiss Recession Fears: Polymarket Shows Only 7% Chance Of US Downturn In 2024
Crypto Heists Surge 84% In 2024 With Over $1.58B Stolen, Says Report

Notable Statistics

IntoTheBlock data shows Bitcoin's large transaction volume down by 40% in the past 24 hours. Daily active addresses increased by 7%, exchange netflows plummeted by 90%. Eighty percent of Bitcoin holders are currently in profit.
Coinglass data shows $158 million liquidated in the past 24 hours, with $95 million in long liquidations.

Top Winners

Cryptocurrency	Price	Gains +/–
Helium HNT/USD	$7.2	+10.8%
Bittensor TAO/USD	$276	+7.4%
Uniswap UNI/USD	$6.5	+6.6%

Trader Notes: CoinMamba acknowledged the “epic level” difficulty of trading in these conditions, saying “There is no way to win.”

Analyst DonAlt stated his gut feeling is the market will go up but “brain says down.” He also thinks a “cleansing” is underway for the market but technical analysis does not suggest bullish action just yet.

DonAlt sees a “deadcat bounce” coming for some meme coins but suggests investors with underwater positions should sell into that.

There will probably be a deadcat on some of these popular memes that'll be quite significant

You probably wanna sell that on most of them and rotate into either new ones or stuff with long term value unless you wanna hold them forever

In my opinion anyway
— DonAlt (@CryptoDonAlt) August 16, 2024

Trader Mercury is convinced that Bitcoin will “thrive regardless” of who wins the election because it has “no political identity.”

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.

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