Bitcoin, Ethereum, Dogecoin Trade Sideways, Trader Asks: 'Does It Matter If You Buy Bitcoin At $62,000 Or $58,000'?

Zinger Key Points
  • Global crypto market cap is trading 1.3% lower to $2.3 trillion.
  • While one trader questions if it matters to buy Bitcoin at $62K or $58K, another lauds Bitcoin’s strength.

Cryptocurrency markets could not push into the green, as Bitcoin BTC/USD spot ETF outflows resumed on Tuesday.

What Happened: Major cryptocurrencies are trading slightly down at the time of writing:

Prices as of 4 p.m. Eastern Time:

CryptocurrencyGains +/-Price
Bitcoin BTC/USD$62,300-1.1%
Ethereum ETH/USD$2,996-1.7%
Solana SOL/USD$145-3.3%
Dogecoin DOGE/USD$0.147 -4.3%
Shiba Inu SHIB/USD$0.00002285 -2.5%

Notable Statistics:

  • Thomas Kralow, in his latest tweet, highlighted Grayscale's first-ever Bitcoin addition (979 Bitcoins) with nine other ETFs adding 4,412 BTC, worth $280 million.
  • IntoTheBlock data highlights an increase of 2.9% in large transaction volume and a 6.6% rise in daily active addresses.
  • Crypto liquidations in the past 24 hours stand at $139.4 million, with 66,384 traders liquidated.

Notable Developments:

Top Losers:

CryptocurrencyGains +/-Price
Dogwifhat WIF/USD$2.90-10.5%
Worldcoin WLD/USD$5.42 -10.4%
Bittensor TAO/USD$395.70-9.3%

Also Read: If Bitcoin Starts ‘Losing The Lows’ It Could Get ‘Ugly’ And ‘Violent,’ Traders Warn

Analyst Notes: Macroeconomist Seth, in his latest X post, states that it does not matter when you buy Bitcoin whether at $62,000 or $58,000."Bitcoin to at least $140,000 this cycle. Those who say they know the exact price, don’t even know what wine to order in the restaurant. Prove me wrong…," Seth writes.

CryptoSlate's lead analyst James Van Straten praises Bitcoin’s strength and the strong miners going from red to green.  

Technical analyst CryptoCon highlights the “Level 3 of the Magic Bands,” which is still in play for Bitcoin, with the next target at $91,184. He also sees the current scenario as consolidation before the bigger goal.

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: Is Ethereum ‘This Cycle’s Basket Case’? 10x Research Points Out ETH’s ‘Only Bull Story’

Image: Shutterstock

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