Zinger Key Points
- Global cryptocurrency market capitalization is trading 4.7% higher to $3.05 trillion.
- One trader sets a bullish target of $93,000, while another anticipates holding the $90,000 level to avoid sideways price action.
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Cryptocurrency markets are trading higher as meme coins Pepe and Dogwifhat were listed for trading on Coinbase COIN.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $90,040.52 | +1% |
| Ethereum ETH/USD | $3,166.17 | -3.5% |
| Solana SOL/USD | $210.16 | -1.3 |
| Dogecoin DOGE/USD | $0.3836 | -0.5% |
| Shiba Inu SHIB/USD | $0.00002485 | -6% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume increased by 18.7% and daily active addresses growing by 7.8%. Transactions greater than $100,000 are up from 17,022 to 19,527 in a single day. Exchanges netflows are down by 679.3%.
- Coinglass data reports 237,312 traders were liquidated in the past 24 hours for $805.71 million.
- Crypto chart analyst Ali Martinez noted Bitcoin whales purchased more than 100,000 BTC, worth $8.6 billion, in the past week.
Notable Developments:
- Coinbase Launches COIN50 Index To Track Top 50 Digital Assets, Includes Bitcoin, Ethereum, Dogecoin, Solana
- Department Of Justice Seeks To Seize $16 Million In Crypto Assets Tied To FTX Bribery Case
- Coinbase CEO Brian Armstrong Says Using Crypto Sometimes Means ‘Pushing Back On Bad Government’
- A Dogecoin Strategic Reserve? One Company Is Working On it
- Bitcoin Proxy MicroStrategy Director Sells 40K Company Shares Worth $12M As Stock Hits All-Time High
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| Peanut The Squirrel PNUT/USD | $1.56 | +221% |
| Dogwifhat WIF/USD | $4.22 | +36.7% |
| Pepe PEPE/USD | $0.0000186 | +36.5% |
Trader Notes: With Bitcoin prices touching the $93,000 mark, crypto trader Cold Blooded Shiller stated that he wants to see a hold on to the $90,000 zone. He predicts if the 4-hour chart starts to weaken, it will support the thought process of more chop around this zone.
Martinez in another tweet sees a bullish target of around $255,000.
Crypto trader Kevin pointed out that historical dominance peaks four to six weeks after Bitcoin enters price discovery.
Currently, the market is in the second week of this phase, suggesting there’s more room for BTC dominance to rise. The higher BTC dominance goes, the stronger the rally in altcoins that could follow.
Astronomer shared a successful take-profit (TP) at $93,000 for Bitcoin, noting that prices dropped shortly after hitting this target. He expects a bounce soon and anticipates BTC will likely consolidate within a range on higher timeframes.
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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