Bitcoin, Ethereum, Dogecoin Slightly Down, But Short Liquidations Peak And A Bullish Signal Is ‘Within Reach,’ Data Says
By Benzinga
Cryptocurrency markets are slightly down after a volatile trading day impacted by the German government continuing to liquidate its Bitcoin.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin (CRYPTO: BTC) | $56,295.10 | -1.4% |
| Ethereum (CRYPTO: ETH) | $2,995.75 | +0.4% |
| Solana (CRYPTO: SOL) | $137.85 | +0.2% |
| Dogecoin (CRYPTO: DOGE) | $0.1074 | -0.4% |
| Shiba Inu (CRYPTO: SHIB) | $0.00001628 | +1.8% |
Notable Statistics:
- IntoTheBlock data notes that 82% of Bitcoin holders are currently in profit, down from almost 100% a few weeks ago.
- Coinglass data shows 95,923 traders liquidated for $425.06 million in the past 24 hours. Short liquidations of $206 million were the the highest since May 20 and Bitcoin short liquidations at $106.8 million the highest since March 4.
Notable Developments:
- Adopting A MicroStrategy-Like Strategy, Firm Listed On Tokyo Stock Exchange Buys $2.5M Worth of Bitcoin Amid Crypto Meltdown
- Bitcoin Mining Stock HIVE Digital Is Rising Monday: What’s Going On?
- Why Is Bitcoin Down On Monday? Experts Monitor 4 Key Factors
Top Gainers:
| Cryptocurrency | Price | Gains +/– |
| Celestia (CRYPTO: TIA) | $6.1 | +16.2% |
| Sei (CRYPTO: SEI) | $0.2947 | +9.3% |
| Notcoin (CRYPTO: NOT) | $0.01646 | +7.8% |
Market intelligence platform Santiment data pointed out that with Bitcoin’s retrace to as low as $55,400, a very bullish signal is within reach. Active traders’ average returns in the past year stand at 1.8%, the lowest since Bitcoin bounced above $20,000 in March 2023.
Crypto analyst Miles Deutscher admits that the current market feels like a massive opportunity. For the shorter term, he lists Mt. Gox and Germany selling. For the longer term, he points to Bitcoin and Ethereum ETFs, the 2024 election, a major political shift on crypto regulation and the $16 billion FTX payout to customers.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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Image: Shutterstock
