Bitcoin, Ethereum, and Dogecoin Prices Dip: Trader Attributes to ‘Black Friday’ Rally
Cryptocurrency markets took a dip on Tuesday, with Bitcoin, Ethereum, Dogecoin, and other major coins trading lower. The global cryptocurrency market capitalization is down 4.3% to $3.14 trillion, and one trader predicts that the correction is not over yet, with $88,650 as the next key support level to watch.
Here’s a snapshot of the current prices:
– Bitcoin (BTC/USD): $91,912.69, down 2.9%
– Ethereum (ETH/USD): $3,277.87, down 4.8%
– Solana (SOL/USD): $226.08, down 5.1%
– Dogecoin (DOGE/USD): $0.3746, down 6.8%
– Shiba Inu (SHIB/USD): $0.00002385, down 6.7%
Some notable statistics to keep in mind:
– IntoTheBlock data shows a significant increase in large transaction volumes and daily active addresses.
– Coinglass reported that 193,074 traders were liquidated in the past 24 hours, totaling $590.74 million.
– CryptoQuant highlighted that long-term holders have offloaded 728,000 BTC in the last 30 days, the highest sell-off since April.
In recent developments, there have been some interesting news in the cryptocurrency space:
– Stocks linked to Bitcoin, such as MicroStrategy and Coinbase, have seen a decline as Bitcoin’s march to $100,000 stalls.
– The Pantera Bitcoin Fund has seen a 1,000X return and predicts BTC reaching $740,000 by 2028.
– Crypto billionaire Justin Sun has committed a $30 million investment in Trump-backed World Liberty Financial.
– Dogecoin has received its first exchange-traded product in Sweden.
– There is speculation that El Salvador could emerge as a strategic partner for the US with a pro-Bitcoin Trump administration.
With the recent price drops in the cryptocurrency market, chart analyst Ali Martinez points out that there are opportunities to buy crypto assets at a discount. Martinez humorously noted that “Black Friday came early!” and that these discounts are quite appealing.
As always, it’s important to stay informed and track the support levels, like the $88,650 mark, to assess where the market might be heading next. Keep an eye on the latest developments, as the cryptocurrency market can be quite dynamic and full of surprises.
