Bitcoin, Dogecoin Bounce Back With Ethereum Lagging: Trader Sees 'Price Discovery Next Week' Under One Condition

Author: Khyathi Dalal | May 24, 2024 03:42pm

Cryptocurrency markets are up despite a lackluster performance from Ethereum following the spot Ethereum ETF approval.

What Happened: The majority of the cryptocurrencies are trading higher at the time of writing.

Prices as of 4 p.m. Eastern Time:

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$68,992.56	+2.6%
Ethereum (CRYPTO: ETH)	$3,739.76	-0.8%
Solana (CRYPTO: SOL)	$168.63	-1.3%
Dogecoin (CRYPTO: DOGE)	$0.1649	+4.3%
Shiba Inu (CRYPTO: SHIB)	$0.1649	+0.6%

Notable Statistics:

• Coinglass data recorded Bitcoin long liquidations at $7.45 million, the lowest since the $3.5 million recorded one week ago. In the past 24 hours 76,098 traders were liquidated for $277.85 million.
• IntoTheBlock data noted a marginal increase in Bitcoin transactions greater than $100,000 to 8,980 transactions.
• Standard Chartered Bank's predicts the possible launch of Solana and XRP ETFs in 2025.
• Technical chart analyst Ali Martinez tweeted that Bitcoin whales were seen buying the dip earlier in the day. Around 20,000 BTC purchased worth $1.34 billion, as prices dropped below $67,000.

Notable Developments:

• Unlike Bitcoin, SEC Chief Gary Gensler Didn’t Vote On Spot Ethereum ETF Approvals
• EXCLUSIVE: All You Need To Know About The FIT21 ‘Crypto Bill’
• Bitcoin Spot ETFs Record $108M Inflows While Ethereum ETF Potential Remains Uncertain
• Elon Musk Mourns Death Of Iconic Shiba Inu That Inspired His Favorite Crypto Dogecoin: Here’s How Crypto Community Is Reacting To Kabosu’s Demise

Top Gainers:

Cryptocurrency	Price	Gains +/–
Ondo Finance (CRYPTO: ONDO)	$1.11	+17.8%
Lido DAO (CRYPTO: LDO)	$2.38	+12%
Core (CRYPTO: CORE)	$1.76	+11.5%

Also Read: SEC Approval Of Ethereum ETFs Is Evidence Of A ‘Profound Shift’ In Crypto Adoption: Analyst

Analyst Notes: Heavily followed crypto and Bitcoin trader Castillo Trading sees Bitcoin in a good structure and is looking for a bounce.

The trader notes that the main focus should be Ethereum and altcoins since with "Bitcoin ranging here is the best thing we can ask for."

Crypto trader and investor EliZ tweeted,

think simply ,look at the weekly above the box bullish , closes below box bearish

really simple objective reason $BTC pic.twitter.com/W3TteFtaPQ

— EliZ (@eliz883) May 24, 2024

Bitcoin and altcoin trader Mister Crypto sees bullish momentum for Bitcoin on the quarterly chart.

Popular crypto trader Jelle is not surprised by Bitcoin’s rebound, writing that if prices hold over the weekend, “we send it into price discovery next week."

There we go, #Bitcoin bouncing as expected.

Chart looks good. Hold it around these prices over the weekend, and we send it into price discovery next week.

Let's roll. pic.twitter.com/5wu9yt7wbE

— Jelle (@CryptoJelleNL) May 24, 2024

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: Ethereum Spot ETF’s Approval Highlights Its ‘World Of Warcraft’ Origins: Created Because A Character Had Its ‘Warlock Powers Nerfed’

Image: Shutterstock

Posted In: $BTC $CORE $DOGE $ETH $LDO $SHIB $SOL