Bitcoin, Ethereum, Dogecoin Grind Lower; Shiba Inu Outperforms: 'Price Rallied For 1 Year After Election,' Trader Says

Zinger Key Points
  • Crypto markets are down alongside struggling traditional financial markets.
  • Traders point out Bitcoin's historically good performance following US Presidential elections.

Cryptocurrency markets traded within a tight downward range on Wednesday, as traditional markets had a rocky trading day with increased volatility.

Prices as of 4:00 p.m. ET:

CryptocurrencyPriceGains +/-
Bitcoin BTC/USD$67,140-1.9%
Ethereum ETH/USD$3,745-2.6%
Solana SOL/USD$169.00-0.7%
Dogecoin DOGE/USD$0.165+0.2%
Shiba Inu SHIB/USD$0.0000275+3.8%

Notable Statistics:

  • Liquidations declined from $170 million on Tuesday to just over $100 million on Wednesday at the time of writing, with over $75 million in longs liquidated.
  • Options data shows 65% of outstanding positions in call options, betting on increasing prices.
  • The long/short ratio was split almost 50/50, with 50.80% of traders taking short positions at the time of writing.

Notable Developments:

Top Gainers:

CryptocurrencyPriceGains +/
Worldcoin WLD/USD$4.84+4%
Dogwifhat WIF/USD$3.82+4%
Bitget Token BGB/USD$1.32+3.8%

Trader Notes: Trader notes were unusually muted due to low volatility.

BecauseBitcoin CEO Max pointed out the historical price movement of Bitcoin in election and post-election years.

Prices rallied for one year after each election, he noted.

Bitcoin-based firm Unchained highlighted that over half of all bitcoin have not been moved since May 2022, despite several bearish catalysts occurring in the meantime. This underscores a much-talked about point by Bitcoin advocates—the currency’s famously inelastic supply.

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

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