As China’s Stimulus Dampens Aspirations, Bitcoin, Ethereum, Dogecoin See Decline: Trader Affirms ‘Outlook is Crucial, Bitcoin Is Excelling’
The cryptocurrency marketplace is experiencing a downtrend following weaker-than-anticipated stimulus actions in China.
| Cryptocurrency | Price | Movement +/- |
| Bitcoin BTC/USD | $62,017.71 | -1.7% |
| Ethereum ETH/USD | $2,429.76 | -0.09% |
| Solana SOL/USD | $142.62 | -2.4% |
| Dogecoin DOGE/USD | $0.1066 | -3% |
| Shiba Inu SHIB/USD | $0.00001712 | -3.7% |
Key Figures:
- Data from IntoTheBlock indicates a surge of 81.4% in high-value transaction volume and a 15.2% increase in daily active addresses. Transactions exceeding $100,000 have risen from 5,296 to 8,143 in 24 hours.
- According to Coinglass, there have been 58,910 traders liquidated in the last day, amounting to a total of $179.70 million.
- Arkham Intelligence reports that Fidelity has acquired over $100 million in Bitcoin within the past day.
Market Updates:
Biggest Decliners:
| Cryptocurrency | Price | Movement +/- |
| Popcat (SOL) POPCAT/USD | $1.21 | -10.6% |
| Injective INJ/USD | $19.38 | -9.1% |
| Dogwifhat WIF/USD | $2.44 | -8.8% |
Investor Insights: Altcoin Sherpa notes the current market squeeze in Bitcoin prices and forecasts an imminent significant movement.
Crypto analyst CryptoCon has examined the recent price tendencies of Bitcoin, aligning them with historical precedents. He remarks that Bitcoin’s price trajectory is similar to previous patterns, which typically took several months to reach record highs. He shared via a tweet quote that Bitcoin’s progress is commendable and that maintaining perspective is essential.
Crypto Quant’s CEO Ki Young Ju observes a shift among Bitcoin whales, with new whales having invested $108 billion compared to $113 billion from established whales since Bitcoin’s origin. The investment ratio now stands at 48:51.
He projects that the total investment by new whales will soon outpace that of long-established ones in terms of realized market cap.
Looking Ahead: Bitcoin’s role as an institutional investment will be a primary focus at the upcoming Benzinga Future of Digital Assets event scheduled for November 19.
Further Reading:
Image: Shutterstock
This report was produced with the assistance of AI tools and has been carefully curated and published by the editors at Benzinga.
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