Bitcoin, Ethereum, Dogecoin Price And Sentiment Up, As Banks Disclose BTC Holdings: A 'GME Moment' Coming For Bitcoin Soon, Analyst Predicts

Zinger Key Points
  • Global crypto market cap is trading 1.7% higher to $2.3 trillion, as open interest increases 3% and volume on derivates spikes 100%.
  • One crypto trader notes that the post-halving danger zone of Bitcoin is completed.

Cryptocurrency markets are trading higher on positive sentiment surrounding major banks disclosing Bitcoin holdings and a meme coin rally spurred by the return of Keith Gill.

What Happened: Major cryptocurrencies are up at the time of writing:

Prices as of 4 p.m. Eastern Time:

CryptocurrencyGains +/-Price
Bitcoin BTC/USD+2.9%$63,119.47 
Ethereum ETH/USD+0.9%$2,953.22
Solana SOL/USD+2.8%$148.40
Dogecoin DOGE/USD+6.9%$0.1505
Shiba Inu SHIB/USD+5.2%$0.00002354

Notable Statistics:

  • Bitcoin Archive noted Bracebridge Capital and Wolverine Asset Management buying Bitcoin through ETFs.
  • Radar highlighted the Bank of Montreal disclosing multiple Bitcoin ETF holdings and Switzerland’s biggest bank UBS owning the BlackRock ETF.
  • Coinglass data shows a 100% surge in Bitcoin derivatives trading volume, while open interest increased by 3.3% to $30 billion. Notably, short liquidations in past 24 hours outpaced long liquidations.
  • IntoTheBlock data shows a 15.7% increase in large transaction volumes and a 170.3% increase in exchange net flows. Currently, 90% of Bitcoin holders are in profit and 10% at breakeven.

Notable Developments:

Top Gainers:

CryptocurrencyGains +/-Price
Pepe PEPE/USD+16%$0.00001021
Floki FLOKI/USD+9.2%$0.0001852
Dogecoin DOGE/USD+6.9%$0.1505

Also Read: Bitcoin, Ethereum, Dogecoin, Pumped And Retraced After The Last Inflation Data Release — What To Expect This Month?

Analyst Notes: CryptoSlate lead analyst James Van Straten, in his latest tweet, expressed optimism that in the next 18 months "Bitcoin will have a GME moment". He predicts a scenario where all the ETFs, MSTR and miner stocks would have to be halted due to volatility several times throughout the day, with Bitcoin soaring.

Rekt Capital, in their latest newsletter, highlighted that Bitcoin is leaving the post-halving “Danger Zone”, at least from a price action perspective. According to the trader, it represents a three-week window after the Halving where historical downside wicks below the Re-Accumulation Range Low tend to occur, specifically and most notably in 2016, but that should not be the case anymore going forward.

Technical analyst Ali Martinez forecasts a close above $64,000 to continue Bitcoin’s upward trajectory.

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’s Potential Fall Below $60K Could Trigger Widespread Panic Selling, Crypto Analyst Warns: ‘There Is Pressure Likely…’

Image: Shutterstock

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsTop StoriesExpert IdeasStories 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!