The crypto market is on the rise following positive labor market data.
Cryptocurrency price rise +/-Bitcoin BTC/USD $62,356.18 +2.7%Ethereum ETH/USD $2,432.81 +3.8%Solana SOL/USD $143.92 +5.7%Dogecoin DOGE/USD $0.1094 +5%Shiba Inu SHIB/USD $0.00001751 +10.2%
Notable statistics:
Large transaction volume is up 10.9%, according to IntoTheBlock data. Daily active addresses increased by 2.7%. Transactions over $100,000 fell from 8,750 to 8,422 in one day. The exchange’s net flows increased by 124.5%. According to Coinglass data, 41,515 traders reported liquidating $116.77 million in the past 24 hours. Long-term liquidation amounts were at their lowest level since September 27th. Crypto chart analyst Ali Martinez cited data from CryptoQuant that shows Bitcoin miners have sold 2,364 BTC worth $143 million in the past six days.
Notable developments:
Top gainers:
Cryptocurrency price increase +/- Popcat (SOL) POPCAT/USD $1.17 +21%FTX Token FTT/USD $2.31 +17%Bittensor TAO/USD $573.7 +15%
Trader Note: With Bitcoin price hovering around $62,000, Daan Crypto Trades sees this as another effort to break out of the $62,400 level. “The longer it stays below here, the more likely it is to break above,” he added.
But with the weekend coming up and US markets remaining closed, he doesn’t have high expectations for Bitcoin.
Cryptocurrency trader Jere predicts that a sharp drop around these prices over the weekend will lead to a rally next week. He added, “The summer lull seasonality is over and the bullish seasonality of the fourth quarter has arrived.” In another tweet, Jere pointed out that the stock hit a new low before the weekend.
Cryptoverse founder and CEO Benjamin Cowen said in April that he predicted a “mid-cycle high” followed by six to nine months of decline. However, six months have now passed, meeting the minimum period for price movements to stabilize.
He warns that if there is any uncertainty in the labor market this quarter, Bitcoin could fall further and hit the 100-week SMA. This could extend the integration period to nine months, similar to the previous cycle. He advises hedging both outcomes.
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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