Bitcoin, Ethereum, Dogecoin Down With Holiday Weekend Blues, But 'Market Looks About To Bounce, Again,' Says Popular Trader

Zinger Key Points
  • Crypto markets are slightly down alongside traditional financial markets retracing on Tuesday.
  • Traders see the dip as short-lived and expect a bounce.
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Cryptocurrency markets are slow to get out of the blocks on Tuesday, weighed down by a stuttering stock market held up mostly by Nvidia’s gains.

What Happened: Cryptocurrencies are slightly down at the time of writing:

Prices as of 3:30 p.m. ET:

CryptocurrencyPriceGains +/-
Bitcoin BTC/USD$68,100-2.5%
Ethereum ETH/USD$3,810-2.7%
Solana SOL/USD$169.10-0.4%
Dogecoin DOGE/USD$0.164-3.1%
Shiba Inu SHIB/USD$0.00002601+1.8%

Notable Statistics:

  • Coinglass data shows futures open interest increasing to levels last seen in April, indicating traders are adding leverage to their positions.
  • Liquidations came in at over $170 million at the time of writing, with over $130 million in longs liquidated.
  • Funding rates remain between 15% and 30%, indicating traders slightly leaning toward long positions.

Notable Developments:

Top Gainers:

CryptocurrencyPriceGains +/
Celestia TIA/USD$11.29+17%
Dogwifhat WIF/USD$3.68+12%
Chilliz CHZ/USD$0.15+12%

Also Read: Floki And WIF Bite Off 22% And 12% Daily Gains, As Dogecoin And Shiba Inu ‘Killers’ Take The Dog Coin Wheel

Trader Notes: Renowned analyst Michael van de Poppe thinks the best time for altcoins is yet to come.

Pseudonymous analyst ChimpZoo commented on funding rates, noting that the slight positive lean was not as exaggerated as in March. Cold Blooded Shiller expects crypto stocks, colloquially called “stonks,” to take the limelight in summer.

Popular trader Capo of Crypto foresees another bounce for the markets after a lackluster Tuesday U.S. session.

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: Shiba Inu Investor Turns $2,625 Investment In ‘Dogecoin Killer’ To $1.1M Afer 3.5 Years Of Inactivity

Photo: Shutterstock

Market News and Data brought to you by Benzinga APIs
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Posted In: CryptocurrencyNewsTop StoriesExpert IdeasMichaël van de PoppeStories That Matter
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