Cryptocurrency markets are on the rise as expectations for China’s economic stimulus measures rise.
Cryptocurrency price rise +/- Bitcoin BTC/USD $65,903.70+5.4%Ethereum ETH/USD $2,630.58+7.4%Solana SOL/USD $156.05+7%Dogecoin DOGE/USD $0.115+4.8%Shiba Inu SHIB/USD $0.00001826 +5.8%
Notable statistics:
According to IntoTheBlock data, large transaction volume is down 6.9% and daily active addresses are up 1%. Transactions over $100,000 decreased from 6,165 to 5,104 per day. Exchange net flows fell by 80%. According to Coinglass data, 61,029 traders liquidated for $234.09 million in the past 24 hours. Short interest in cryptocurrencies reached $181 million, the highest level since August 5th.
Notable developments:
Top gainers:
Cryptocurrency price rise +/-Book Of Meme BOME/USD $0.01009 +32.4%Worldcoin WLD/USD $2.34+18.2%Ethena ENA/USD $0.4093+18%
Trader Note: With Bitcoin price above the $65,000 mark, this rally is driving traders to seek opportunities in the GameFi and memecoin space, increasing discussion around these altcoins, Santiment says. The data pointed out.
Historically, this indicates growing bullish sentiment. After five weeks of market gains, a bit of FOMO is likely to continue as speculative assets become the focus until a correction shifts sentiment back to fear.
Cryptocurrency trader Stock Money Lizards sees Bitcoin entering the FOMO zone.
#bitcoin Entering the FOMO zone… We will see a temporary retracement at some point and FOMO traders will be liquidated before returning to the up path.
OI is rising and 65-66k is a natural resistance zone…more swing buying opportunities. pic.twitter.com/S3OdpWdHTW
— Stock Money Lizard (@StockmoneyL) October 14, 2024
Cryptocurrency trader Kevin elaborated that while Bitcoin’s recent moves are positive, it needs to break above $74,000 and $78,000 on a logarithmic scale to consider higher prices. . The trader stressed caution and believes the current market movements are related to polls and betting markets pointing to a Trump victory.
What’s next: The impact of Bitcoin as an institutional asset class will be thoroughly explored at Benzinga’s Future of Digital Assets event on November 19th.
Read next:
Image: Shutterstock
Market news and data powered by Benzinga API
© 2024 Benzinga.com. Benzinga does not provide investment advice. Unauthorized reproduction is prohibited.
