Bitcoin, Ethereum, Dogecoin Drop Further: 'Black Friday Came Early,' Says Trader Touting 'Good Discounts'

Author: Khyathi Dalal | November 26, 2024 03:45pm

Cryptocurrency markets are trading lower on Tuesday.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$91,912.69	-2.9%
Ethereum (CRYPTO: ETH)	$3,277.87	-4.8%
Solana (CRYPTO: SOL)	$226.08	-5.1%
Dogecoin (CRYPTO: DOGE)	$0.3746	-6.8%
Shiba Inu (CRYPTO: SHIB)	$0.00002385	-6.7%

Notable Statistics:

• IntoTheBlock data shows large transaction volume increasing by 77.4% and daily active addresses up by 16.4%. Transactions greater than $100,000 are up from 9,585 to 13,037 in a single day. Exchanges netflows are up by 858.2%.
• Coinglass data reports 193,074 traders were liquidated in the past 24 hours for $590.74 million.
• CryptoQuant noted long-term holders offloaded 728,000 BTC in the past 30 days, the highest sell-off since April.

Notable Developments:

• MicroStrategy, Coinbase, And Other Bitcoin-Linked Stocks Tumble As BTC’s March To $100,000 Stalls
• Pantera Bitcoin Fund Hits 1,000X Return, Predicts BTC At $740,000 By 2028
• Crypto Billionaire Justin Sun Pledges $30M Investment In Trump-Backed World Liberty Financial: What’s Happening?
• Dogecoin Gets Its First Exchange-Traded Product In Sweden
• Pro-Bitcoin Trump Administration Could See El Salvador Emerging As US ‘Strategic Partner,’ Says VanEck

Top Losers:

Cryptocurrency	Price	Gains +/-
The Sandbox (CRYPTO: SAND)	$0.5954	-18.6%
Stellar (CRYPTO: XLM)	$0.4344	-14.9%
Maker (CRYPTO: MKR)	$1,689.37	-11.7%

Trader Notes: With Bitcoin’s recent price drop dragging the cryptocurrency market lower, chart analyst Ali Martinez highlights the availability of crypto assets at “discounts.”

Black Friday came early! These are pretty good discounts. pic.twitter.com/BJFWCdmR2U

— Ali (@ali_charts) November 26, 2024

According to More Crypto Online, Bitcoin's correction remains in progress.

The $92,802 support hasn't been invalidated, meaning bulls could still regain momentum.

Key support levels include $88,650, with additional Fibonacci targets at $85,558 and $77,874 if the downward trend persists.

CoinDesk senior analyst James Van Straten noted a record-breaking $4 billion in Bitcoin panic sales to exchanges, triggering liquidation cascades that allowed smart money to accumulate at discounted prices. Van Straten believes the correction, which reached 10%, may now be complete.

Read Next: 

• Anthony Scaramucci: Trump Win Is ‘The Greatest Political Comeback In US History,’ Crypto Surge Following It Was 3 Years Overdue

Image: Shutterstock

Posted In: $BTC $DOGE $ETH $MKR $SAND $SHIB $SOL $XLM