Bitcoin Crosses $94,000 For New All-Time High, Dogecoin Back At $0.40, Ethereum Flat: 'Short-Term Price Action Unpredictable,' Say Analysts

Author: Khyathi Dalal | November 19, 2024 03:18pm

Cryptocurrency markets are trading higher, with Bitcoin recording a new all-time high at $94,040, according to Coingecko data.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$93,312.89	+2.9%
Ethereum (CRYPTO: ETH)	$3,122.39	-0.3%
Solana (CRYPTO: SOL)	$243.76	+2.9%
Dogecoin (CRYPTO: DOGE)	$0.4053	+10%
Shiba Inu (CRYPTO: SHIB)	$0.00002537	+4%

Notable Statistics:

• IntoTheBlock data shows large transaction volume increasing by 102.3% and daily active addresses up by 13%. Transactions greater than $100,000 are up from 8,261 to 11,812 in a single day. Exchanges netflows are down by 192%.
• Coinglass data reports 98,554 traders were liquidated in the past 24 hours for $289.96 million. Open interest spiked to $59.3 billion.

Notable Developments:

• Crypto Exchange Gemini Launches Services In France Following Regulatory Approval
• Crypto Growth Hinges On ‘Thoughtful Policy,’ Clear Regulations, Says Expert
• What’s Going On With Bakkt Holdings Stock Tuesday?
• Bitfinex Bitcoin Laundering Case Lands ‘Crocodile Of Wall Street’ In Jail
• BlackRock’s Spot Bitcoin ETF To Open For Options Trading: Here’s Why It Could Be A Big Deal For Bitcoin

Top Gainers:

Cryptocurrency	Price	Gains +/-
Bonk (CRYPTO: BONK)	$0.00005573	+14%
Hedera (CRYPTO: HBAR)	$0.1378	+13.5%
Goatseus Maximus (CRYPTO: GOAT)	$1.17	+12.8%

Trader Notes: With Bitcoin prices crossing all-time highs of $94,000, crypto trader Jacob Canfield predicts a minimum target of $97,000.

$BTC – A breakout fom our ascending triangle above here should give us a minimum target of $97,000. pic.twitter.com/PLtKTWEmlz

— Jacob Canfield (@JacobCanfield) November 19, 2024

Crypto trader More Crypto Online hopes that Bitcoin can move forward toward $95,000 and then maybe $97,000. On the other hand, the trader remains cautious suggesting this could be a corrective range. He believes the structure lacks clear direction and momentum and is therefore very fragile.

Santiment data noted that with Bitcoin peaking to all-time highs, whale transactions and retail FOMO could make the "short-term price action unpredictable, but the long-term indicators for Bitcoin looking quite sound."

It also added that in any long-term bull market, dormant coins continuously moving back into circulation.

🥳 Bitcoin has officially made a new all-time high, scraping as high as $93,850 on Coinbase at the time of this writing. Whale transactions and retail FOMO may make the short-term price action unpredictable, but the long-term indicators for BTC (and therefore, crypto) look quite… pic.twitter.com/Ae5qtdU8QN

— Santiment (@santimentfeed) November 19, 2024

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Image: Shutterstock

Posted In: $BONK $BTC $DOGE $ETH $HBAR $SHIB $SOL