Bitcoin, Ethereum, Dogecoin Rally Despite 'Epic' Difficulty Of Conditions, Election Outcome Irrelevant, Says Trader: BTC 'Will Thrive Regardless'

Author: Ivan Crnogatić | August 16, 2024 04:00pm

Cryptocurrency markets are rallying into the weekend, as traders remain convinced the range-bound price action will eventually resolve upwards.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$59,680	+4.4%
Ethereum (CRYPTO: ETH)	$2620	+3.3%
Solana (CRYPTO: SOL)	$140.7	+0.8%
Dogecoin (CRYPTO: DOGE)	$0.1013	+2.4%
Shiba Inu (CRYPTO: SHIB)	$0.00001325	+0.4%

Notable Developments

• Blockchain Unicorn 5ire Launches Mainnet Following 1M Monthly Testnet Transactions
• Bitcoin Miners’ Profits Dipped In July Compared To June: Jeffries
• MSTX Becomes First Single-Stock Leveraged ETF For MicroStrategy Stock, Offers 175% Exposure
• Bettors Dismiss Recession Fears: Polymarket Shows Only 7% Chance Of US Downturn In 2024
• Crypto Heists Surge 84% In 2024 With Over $1.58B Stolen, Says Report

Notable Statistics

• IntoTheBlock data shows Bitcoin's large transaction volume down by 40% in the past 24 hours. Daily active addresses increased by 7%, exchange netflows plummeted by 90%. Eighty percent of Bitcoin holders are currently in profit.
• Coinglass data shows $158 million liquidated in the past 24 hours, with $95 million in long liquidations.

Top Winners

Cryptocurrency	Price	Gains +/–
Helium (CRYPTO: HNT)	$7.2	+10.8%
Bittensor (CRYPTO: TAO)	$276	+7.4%
Uniswap (CRYPTO: UNI)	$6.5	+6.6%

Trader Notes: CoinMamba acknowledged the “epic level” difficulty of trading in these conditions, saying “There is no way to win.”

Analyst DonAlt stated his gut feeling is the market will go up but “brain says down.” He also thinks a “cleansing” is underway for the market but technical analysis does not suggest bullish action just yet.

DonAlt sees a “deadcat bounce” coming for some meme coins but suggests investors with underwater positions should sell into that.

There will probably be a deadcat on some of these popular memes that'll be quite significant

You probably wanna sell that on most of them and rotate into either new ones or stuff with long term value unless you wanna hold them forever

In my opinion anyway

— DonAlt (@CryptoDonAlt) August 16, 2024

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:

• Bitcoin’s Last Downturn Put Sentiment On ‘Suicide Watch,’ But Experts See A Silver Lining

Photo: Shutterstock

Posted In: $BTC $DOGE $ETH $HNT $SHIB $SOL $UNI