Cryptocurrency markets are slightly down after a volatile trading day impacted by the German government continuing to liquidate its Bitcoin.
Cryptocurrency | Price | Gains +/- |
Bitcoin BTC/USD | $56,295.10 | -1.4% |
Ethereum ETH/USD | $2,995.75 | +0.4% |
Solana SOL/USD | $137.85 | +0.2% |
Dogecoin DOGE/USD | $0.1074 | -0.4% |
Shiba Inu SHIB/USD | $0.00001628 | +1.8% |
Notable Statistics:
- IntoTheBlock data notes that 82% of Bitcoin holders are currently in profit, down from almost 100% a few weeks ago.
- Coinglass data shows 95,923 traders liquidated for $425.06 million in the past 24 hours. Short liquidations of $206 million were the the highest since May 20 and Bitcoin short liquidations at $106.8 million the highest since March 4.
Notable Developments:
Top Gainers:
Cryptocurrency | Price | Gains +/– |
Celestia TIA/USD | $6.1 | +16.2% |
Sei SEI/USD | $0.2947 | +9.3% |
Notcoin NOT/USD | $0.01646 | +7.8% |
Market intelligence platform Santiment data pointed out that with Bitcoin’s retrace to as low as $55,400, a very bullish signal is within reach. Active traders’ average returns in the past year stand at 1.8%, the lowest since Bitcoin bounced above $20,000 in March 2023.
Crypto analyst Miles Deutscher admits that the current market feels like a massive opportunity. For the shorter term, he lists Mt. Gox and Germany selling. For the longer term, he points to Bitcoin and Ethereum ETFs, the 2024 election, a major political shift on crypto regulation and the $16 billion FTX payout to customers.
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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