Bitcoin, Ethereum, Dogecoin Bounce Back As Whale Transactions Spike: 'Bitcoin Retrace Was All About Forming A Macro Higher Low'

Zinger Key Points
  • Global crypto market capitalization recovered with a 2.6% increase to $2.27 trillion as whale transactions spike.
  • One trader reveals that the Bitcoin retrace was all about forming a macro higher low, while another predicts a rally over the summer.

Cryptocurrency markets are up despite ETFs recording their seventh consecutive day of negative fund flows.

CryptocurrencyPriceGains +/-
Bitcoin BTC/USD$61,914.65+3.3%
Ethereum ETH/USD$3,413.14+3.8%
Solana SOL/USD$138.94+8.1%
Dogecoin DOGE/USD$0.1281 +10.6%
Shiba Inu SHIB/USD$0.00001812+9.4%

Notable Statistics:

  • IntoTheBlock data shows large transaction volume up 154%, with daily active addresses spiking 42%. Transactions greater than $100,000 more than doubled to 9,368 from 4,580 in a single day. Exchange netflows increased 71.9%.
  • Coinglass data notes 41,349 traders liquidated in the past 24 hours for $137.49 million.
  • Watcher Guru shared that SEC Chair Gary Gensler stated that the "process to spot Ethereum ETF approval is going smoothly."
  • Radar revealed that Warren Buffett-owned Brazilian bank Nubank plans to integrate the Bitcoin Lightining payments.

Notable Developments:

Top Gainers:

CryptocurrencyPriceGains +/
Brett (Based) BRETT/USD$0.1675+25.3%
Dogwifhat WIF/USD$2.07+24.3%
Pepe PEPE/USD$0.00001281+19.8%

Trader Notes: Trader Rekt Capital noted that Bitcoin is developing a macro bull flag at these price levels.

Blockchainedbb highlighted Bitcoin’s three consecutive daily closes above $60,000. "Bears can pack their bags and go for vacation for 2 months," adds the trader.

Another crypto trader highlighted that every June "Bitcoin found its local bottom & then proceeded to rally over the summer and then make a local top in August."

Bitcoin analyst Willy Woo terms Bitcoin "a fast-emerging asset class." He goes on to add that Bitcoin will 10x from here and rival the U.S. dollar in size, becoming a reserve asset.

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: ‘The Easy Days’ In Crypto Are Over And Meme Coins Have Contributed To This, Says Trader

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!