Cryptocurrency markets are trading relatively flat after spiking during the day as Donald Trump’s election odds increased.
Cryptocurrency price rise +/-Bitcoin BTC/USD $66,756.23 +1.2%Ethereum ETH/USD $2,584.21-1.4%Solana SOL/USD $154.66-0.6%Dogecoin DOGE/USD $0.1146-0.7%Shiba Inu SHIB/USD $0.00001806-0.8%
Notable statistics:
According to IntoTheBlock data, large transaction volume is up 73.8% and daily active addresses are up 17.4%. Transactions over $100,000 increased from 5,104 to 9,217 in one day. Exchange net flows fell by 2,523%. According to Coinglass data, 97,280 traders liquidated for $312.03 million in the past 24 hours. Long crypto liquidations amounted to $169.4 million, the highest amount since October 2nd.
Notable developments:
Top gainers:
Cryptocurrency Price Rise +/- Cat in the Dog World MEW/USD $0.008708+8.4%Fantom FTM/USD $0.7717+6.4%Beam BEAM/USD $0.01748+6.3%
Trader Note: With Bitcoin price above the $66,000 level, Smiley Capital says it is time for “more bullish propaganda.” The trader pointed to a pattern that has held up over the past three Bitcoin bull markets.
Hello, it’s time for more bullish propaganda.
You may not be subscribed to the 4-year cycle, but you plan on using it as Confluence until it expires. There’s nothing you can do about it.
For over 10 years, we’ve had a precise yearly pattern
What happens next? pic.twitter.com/TTravUqzwh
— 🙂 (@smileycapital) October 15, 2024
Cryptocurrency trader Ali Martinez noted that Bitcoin open interest across all exchanges has reached an all-time high of $19.75 billion. He added that the surge meant “more capital was needed and big price moves.” Bitcoin open interest hit $37.3 billion, the highest level since July 29, according to data from Coinglass.
Cold-Blooded Shiller suggests that Bitcoin is approaching an important battle zone on the weekly chart. Indicators on the daily chart, such as RSI 67, indicate that momentum is stalling. If Bitcoin breaks above this level, it would confirm a change in market momentum and indicate that the bulls are in control.
Analysts predict that if the market enters the “overbought” zone for the first time in seven months, it could stay there for some time and send Bitcoin to over $100,000. This change will be a technologically significant breakout.
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.
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