The cryptocurrency market is trading relatively flat after Bitcoin rose above $71,000.
Cryptocurrency price rise +/-Bitcoin BTC/USD $71,930.79-1%Ethereum ETH/USD $2,662.75-1.3%Solana SOL/USD $174.39 -2.3%Dogecoin DOGE/USD $0.1684 -1.4%Shiba Inu SHIB/USD $0.00001844 -2.3%
Notable statistics:
According to IntoTheBlock data, large transaction volume is down 57.6% and daily active addresses are up 7.8%. Transactions over $100,000 increased from 9,521 to 13,547 in one day. The exchange’s net flows increased by 322.7%. No Bitcoin holders are currently losing money. According to data from Coinglass, 49,256 traders liquidated for $145.86 million in the past 24 hours, the lowest amount of short-term liquidations since October 19.
Notable developments:
Top gainers:
Cryptocurrency price rise +/-Manufacturer MKR/USD $1,255.92+9.8%Chainlink LINK/USD $12.24 +6.2%MANTRA OM/USD $1.45+5.7%
Trader Note: Bitcoin price fell 2% in one day but held steady at $71,000, leading crypto trader Javon Marks to bullish the hourly chart just below its all-time high. Looks like it’s set in a flag pattern. He predicts that a surge to new and unprecedented heights could be on the way.
Meanwhile, cryptocurrency chart analyst Ali Martinez highlighted Bitcoin’s performance in the past three US presidential elections.
Michael van de Poppe noted that inflows into Bitcoin ETFs are chasing new highs, with $900 million in inflows pushing Bitcoin towards new peaks. “I think we’re going to see more upside because there’s a constant flow of interest,” he said.
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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