Zinger Key Points
- Global cryptocurrency market capitalization is trading 4.7% higher to $2.9 trillion, pushing open interest to record-highs.
- One trader notes a rising likelihood of $100,000 to $130,000.
- Get Monthly Picks of Market's Fastest Movers
Cryptocurrency markets are skyrocketing, with Bitcoin setting repeated all-time high marks on Monday.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $86,967.22 | +9.4% |
| Ethereum ETH/USD | $3,323.2 | +5.1% |
| Solana SOL/USD | $219.24 | +6.2% |
| Dogecoin DOGE/USD | $0.322 | +20.7% |
| Shiba Inu SHIB/USD | $0.00002744 | +8.7% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume increasing by 52.5% and daily active addresses up by 18.4%. Transactions greater than $100,000 are up from 6,787 to 10,856 in a single day. Exchanges netflows are down by 67.1%. 100% of Bitcoin holders are currently in profit.
- Coinglass data reports 193,370 traders were liquidated in the past 24 hours for $681.83 million. Open interest of $48.6 billion is the highest in more than a year.
- Bitcoin Archive reported that Bitcoin ETFs saw $1 billion in trading volume in only 35 minutes.
Notable Developments:
- Bitcoin, Ethereum ETFs React As BTC Surges Past $82K After Trump’s Win
- MicroStrategy Acquires Another 27,200 Bitcoin Worth $2 Billion
- Small Caps, Financials Rally As Bitcoin Blasts Past $85,000: What’s Driving Markets Monday?
- Donald Trump Can’t Fire Gary Gensler, But Pro-Crypto Policies Means Industry Is On The Verge Of ‘A Golden Era’
- After Anthony Scaramucci, FTX Sues Binance And Ex-CEO Changpeng ‘CZ’ Zhao To Reclaim $1.8B Amid Bankruptcy Tussle
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| Cronos CRO/USD | $0.1741 | +43.6% |
| Bittorent BTT/USD | $0.051219 | +27.6% |
| Brett BRETT/USD | $0.1205 | +17% |
Trader Notes: With Bitcoin prices breaching the $87,000 mark, More Crypto Online predicts the rising possibility of crypto king reaching the long-term target zone of $100,000 to $130,000. Revealing his personal trading strategy, he expects to hold around 40% of core position. He plans to exit if key support levels break, signalling the onset of a potential bear market.
However, Michaёl van de Poppe sees a massive bearish divergence on the BTC chart indicating a trend reversal should be near.
Santiment data noted that over the past year, whale and shark wallets with at least 10 BTC have accumulated a total of 234,150 bitcoin, now worth $19.76 billion. The on-chain platform sees that the price spike can largely be attributed to the continued confidence and accumulation from these large key stakeholders.
It further noted that consistent FUD, capitulation events and inconsistent faith in crypto have contributed to the run up. Its prediction: "prices can climb as long as whales continue buying more and the retail crowd keeps selling them their cheap coins during small dips."
Income Sharks drew a comparison to historical patterns, stating that this is no different than the prior election years of 2016 and 2020.
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.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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