Bitcoin, Ethereum, Dogecoin Pick Up Steam: The Pre-Halving Week In Retrospect

Zinger Key Points
  • Global crypto market cap spiked 4.7% to 2.35T; liquidations nearing $100 million, with $97.4M in the past 24 hours.
  • Analysts expect a surprise right after the halving with a quick dip to gather some more fuel later.

Cryptocurrency markets surged on Friday, with a 47.5% spike in total crypto liquidations reaching $258.7 million and a more than double increase in total exchange inflows, as investors eagerly await the Bitcoin Halving set to occur in a few hours. 

What Happened: Geopolitical tensions continue to weigh on global markets, including stocks and crypto, following Israel’s military strike on Iran in the early hours of Friday.

CryptocurrencyGains +/-Price
Bitcoin BTC/USD+1.0%$64,161.87
Ethereum ETH/USD+0.8%$3,094.50
Dogecoin DOGE/USD+1.7%$0.1535

The global cryptocurrency market cap now stands at 2.35 trillion, up 4.7% in the past 24 hours. In the same period, 84,226 traders were liquidated, with total liquidations amounting to $257.93 million. The largest single liquidation order took place on OKX – ETH-USD-SWAP, valued at $5.03 million. Bitcoin liquidations in the past 24 hours are nearing the 100 million mark, with long liquidations at $52 million and short liquidations at $44.6 million.

Top Gainers

CryptocurrencyGains +/-Price
Dogwifhat WIF/USD+15.4%$2.97
THORChain RUNE/USD+12.3%$5.45
Internet Computer Protocol ICP/USD+11.7%$14.13

IntoTheBlock data highlights that 91% of Bitcoin holders are currently in profit, while 9% are at breakeven. Total exchange inflows more than doubled to 2.54 billion as of April 18 from 1.1 billion on April 17, and daily active addresses increased by 4.3% to 828,630.

Analyst Notes: Paxton, the creator of Binance Square, tweeted that Bitcoin is in a significant rally.

Meanwhile, notable crypto trader and analyst CrediBULL Crypto hinted at a potential upward grind despite a momentum stall in his latest X post.

He noted that while Bitcoin’s momentum had stalled overnight, resulting in a three-legged move instead of a clean five-wave impulse, the cryptocurrency could still see an upward trend. However, he cautioned market participants to remain vigilant and consider potential risks when reaching range highs.

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.

Read Next: Bitcoin And Ethereum Take Center Stage According To Coinbase Q2 Crypto Market Guide

Image: Shutterstock

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsTop StoriesaltcoinsMemeCoinsStories That Matter
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!