Cryptocurrency markets are trading lower on Wednesday despite strong interest in spot Bitcoin ETFs.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin (CRYPTO: BTC) | $94,297.59 | +1.3% |
| Ethereum (CRYPTO: ETH) | $3,076.55 | -1.5% |
| Solana (CRYPTO: SOL) | $234.51 | -3.3% |
| Dogecoin (CRYPTO: DOGE) | $0.3765 | -6% |
| Shiba Inu (CRYPTO: SHIB) | $0.00002387 | -5.2% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume increasing by 8.8% and daily active addresses falling by 6.4%. Transactions greater than $100,000 are up from 11,812 to 11,911 in a single day. Exchanges netflows are up by 84,696.7%.
- Coinglass data reports 154,969 traders were liquidated in the past 24 hours for $397.33 million. Crypto short liquidations are at their lowest since Nov. 5 at $86.5 million.
Notable Developments:
- Robinhood Positioned As Top 'Crypto Deregulation' Trade, Says Bernstein
- Coinbase To Delist Wrapped Bitcoin On This Date, Citing 'Listing Standards'
- Coinbase CEO Brian Armstrong Backs DOGE Initiative: How Blockchain Could Transform Government Efficiency
- MicroStrategy Upsizes Convertible Notes Offering To $2.6 Billion For Bitcoin Purchases
Top Losers:
| Cryptocurrency | Price | Gains +/- |
| Goatseus Maximus (CRYPTO: GOAT) | $0.9278 | -18.3% |
| Popcat (CRYPTO: POPCAT) | $1.53 | -16.2% |
| Peanut the Squirrel (CRYPTO: PNUT) | $1.48 | -14.7% |
Trader Notes: With Bitcoin prices trading relatively flat, crypto trader DonAlt jokingly nudged traders to place their bets on the next move being up or down.
Place your bets, up or down brothers pic.twitter.com/JK5i14m26d
— DonAlt (@CryptoDonAlt) November 20, 2024
Michaёl van de Poppe added that Bitcoin's thesis remains a "slow grind up, significant flush, and then reverse back upwards." .
Crypto trader CrediBULL Crypto sees altcoins are approaching critical levels of interest as Bitcoin approaches a potential fakeout above local range highs. Ideally, BTC would re-enter its range, allowing a few weeks of altcoin outperformance.
Many altcoins face "make or break" moments, where strong upside potential is possible if BTC stabilizes. The market's direction will become clear soon.
- Bitcoin To '$100,000 Is 'Programmed:' Dogecoin, Bonk To Benefit, Veteran Trader Says
Image: Shutterstock
