Bitcoin, Ethereum, Dogecoin Trade In Green As Whale Transactions Surge: ‘Crypto Markets To Be Boring For The Next 2-3 Months’

The cryptocurrency market is trading higher due to a surge in whale trading as the market awaits approval of an Ethereum ETF. A big week for economic data lining up.

Cryptocurrency price Profit +/-
Bitcoin BTC/USD $57,769.88 +2.2%
Ethereum ETH/USD $3,065.47 +2%
Solana Sol/USD $141.98 +2.7%
Dogecoin DOGE/USD $0.1073 -0.5%
Shiba Inu SHIB/USD $0.00001632 -0.2%

Notable statistics:

  • According to data from IntoTheBlock, large transaction volume, which refers to transactions over $100,000, increased 74% from 5,512 on July 7 to 7,867 on July 8. Daily active addresses increased 27.3%. Currently, 83% of Bitcoin holders are profitable.
  • CoinGlass noted that 33,021 traders were liquidated in the past 24 hours, with total liquidation reaching $91.07 million.
  • Performance data I got it. Bitcoin sentiment among traders on X, Reddit, Telegram, 4Chan and BitcoinTalk is at its most bearish this week in a year.
  • There are currently 54.09 million active Bitcoin wallets on the network, down 566,000 since June 15, according to Santiment. data.

Notable developments:

Bitcoin, Ethereum and other crypto-related thefts to surge to $1.38 billion in first half of 2024, nearly double last year: report

Republicans vow to support Bitcoin and cryptocurrencies in the 2024 elections, even as bettors lower the odds that Biden will drop out of the presidential race.

Football legend Lionel Messi’s Instagram account posts unexpected promotion for Solana meme coin

Solana surges 5.5% after Cboe files SEC application to list VanEck, 21Shares Spot ETF

Top gainers:

Cryptocurrency price Profit +/
Celestia TIA/USD $7.16 +17.3%
Surname SEI/USD $0.3403 +15.5%
Bittensor TAO/USD $259.07 +12.7%
Trader Notes: Mustache, aka El Crypto Prof He noted that this is just a Bitcoin correction and nothing more. He added that he expects a bottom to be reached in 2022 and is eyeing a macro top for BTC. He concluded that the “macro top is yet to come.”

Founder and CEO, Cryptoquant Ki Young-ju He stressed that the Bitcoin miner capitulation is still ongoing, drawing a parallel that historically, this would end when the average daily mining amount reaches 40% of the annual average, but is currently at 72%.

“The cryptocurrency market is expected to be a boring one over the next few months,” he added.

Seth, a macroeconomist and cryptocurrency trader Revealed Bitcoin is currently struggling at resistance levels, with 2,300 sell orders for Bitcoin at $58,000.

Bitcoin Technical Analyst CryptoCon explanation In a detailed post, he said Bitcoin’s four-year pattern has remained unchanged for 14 years until March 2024. Based on his Alternate Theory, he predicted that “the April 2025 peak will suddenly come back on track.”

What’s next?: Bitcoin’s impact as an institutional asset class will be explored in depth at Benzinga’s “The Future of Digital Assets” event on November 19th.

Read next:

Photo: Shutterstock

Market news and data provided by Benzinga API

0 Comments

Leave a Comment