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How Is the Crypto Market Performing Today?
The crypto market rebounded slightly on Tuesday and showed signs of buying activity returning to the market, in contrast to a weak US stock market today. The global crypto market cap is at $2.04 trillion, pared the earlier 1.50% increase over the last day.
Historically, September has been a bearish month for the crypto as well as for the other asset classes. Currently, the market sentiment points to “fear” among investors, with the Fear & Greed Index dropping to 26 today from 48 (neutral) last week.
Crypto Market Flashes Signs of Bearishness
QCP Capital predicts the downtrend of the crypto market to gradually fade in September itself. This is based on historical data of the strongest bullish seasonality in October. Bitcoin price has recorded positive returns and an average gain of 22.9% in 8 out of 9 times in October month historically.
Despite the September bear sentiment, the seasonality play has led to consistent call buying in the volume market. QCP reveals that the trading desk observed another 150x $80K calls for December lifted today.
“If this pattern plays out again this year, it would be strategic to accumulate during the September dip and take profits in October or toward the year-end.”
This is why the total BTC futures open interest saw a 1% increase in the last 24 hours despite negative sentiment. While the buying on CME remains dull, futures demand on exchanges like Binance, Bybit, and OKX remains intact, as per Coinglass data. This indicates derivatives traders are still buying while remaining cautious due to uncertainty in the crypto market.
Bitcoin Drops After US ISM Manufacturing PMI Data
US stocks extended losses on Tuesday, with all three major indexes falling more than 1% after the ISM Manufacturing PMI showed factory activity slowed for a fifth consecutive month. ISM Manufacturing PMI came in at 47.2 in August, missing market expectations of 47.5.
As CoinGape reported Bank of Japan Governor Kazuo Ueda affirmed that the central bank will raise interest rates further. Two-thirds of economists surveyed pointed to a rate hike by the BOJ by the end of the year. Notably, 41% of economists anticipate the rate hike in December.
Coinglass data shows more than $100 million were liquidated across the crypto market amid this selloff. Of these, $66 million long positions were liquidated and nearly $44 million short positions were liquidated on Tuesday.
Over 40K traders were liquidated and the largest single liquidation order happened on crypto exchange Binance as someone sold ETH for USDT valued at $1.84 million.
BTC price struggles to break above $60,000 amid uncertainty in the crypto market. BTC has pared today’s gains, falling to the intraday low of $57,568. Furthermore, the trading volume has decreased by 10% in the last 24 hours, indicating a decline in interest among traders.
An important observation on the #Bitcoin 2-month chart: the Stochastic RSI has just signaled a trend reversal from bullish to bearish. Historically, in the past 10 years, this has preceded a significant correction of around 75.50%! pic.twitter.com/YxlwMFxTEl
— Ali (@ali_charts) September 3, 2024
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
After six consecutive days of inflows, the spot Ethereum ETF flows flipped negative again on Thursday, as the bullish sentiment driven by Trump-trade subsided. The ETH price also dropped 6% in the last 24 hours moving all the way to $3,000 losing over $22 billion in market cap.
Spot Ethereum ETF Flips Negative
After six consecutive days of inflows, the US Spot Ethereum ETF is once again seeing outflows. On November 14, Ethereum ETFs experienced a minor outflow of $3.24 million, the first since the Donald Trump victory on November 5.
Despite this, BlackRock’s Ethereum ETF (ETHA) saw a net inflow of $18.87 million in a single day. However, Grayscale’s ETHE played the spoilsport with nearly $22 million in outflows yesterday. Besides, inflows in other Ether ETFs have dried up significantly, as per the data from SoSoValue.
Following the Donald Trump victory on November 5, the spot Ether ETFs saw strong inflows as the ETH price rallied 40% on the weekly timeframe all the way to $3,400. However, since the November top, the ETH price has corrected nearly 10% as bulls try to defend $3,000 levels.
ETH Price Action in Choppy Market
Amid the recent ETH price action, popular crypto trader Credibull Crypto has started to build a position in Ethereum (ETH) and add further if Ethereum drops to $2,800, amid the current low-time-frame (LTF) price action and crypto market drop. The decision to increase their exposure is based on Bitcoin’s recent stability, which may prevent a quick pullback to the low $80k range and allow ETH to continue upward.
The trader notes that a small range is forming, pushing into local demand, with untapped local highs above. They are eyeing potential gains toward the $3,500+ level before reassessing. However, the trader emphasizes that the invalidation point for their higher-time-frame (TF) ETH strategy is at $2,350.
Watching this LTF PA develop on $ETH and have started positioning here. If we make it down to the ideal entry zone (sub $2800) I’ll add to my position.
Reason for going in more aggressively here is that BTC is holding up decently atm and if we don’t get a pullback to low 80k’s… https://t.co/681HswOBoI pic.twitter.com/TmwCxBLgbu
— CrediBULL Crypto (@CredibleCrypto) November 14, 2024
Popular trading account IncomeSharks suggests that traders who missed the initial entry opportunity might find a second chance near Supertrend support just under $3,000. The trader also added that the swift shift in market sentiment, as “a few red candles” have led to widespread pessimism and negativity toward the asset. However, he believes that there’s a strong potential for a rebound moving ahead. This can again lead to resuming the inflows for spot Ethereum ETFs.
A recent Ethereum price analysis hints that analysts have been making bullish predictions for the crypto, potentially hitting $4,000, by November end. However, it will require the support of the broader market to continue this rally ahead.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
A Dogwifhat smart whale caused a stir across the broader cryptocurrency landscape on Friday, heavily dumping the dog-themed meme token. Recent on-chain statistics indicate that the smart whale traded a whopping 850K coins to book a notable profit of $7.5 million. This trade strategy garnered significant attention as WIF price crashed over 15% intraday, sparking uncertain investor sentiments over whether the token may have topped amid a bull market.
Dogwifhat Smart Whale Dumps 850K Tokens Sparking Market Speculations
According to the data offered by Lookonchain on November 15, a smart whale was recorded dumping 850,000 Dogwifhat tokens, in turn swapping it for 15,987 SOL worth $3.4 million. As per the data, the smart whale address 3cBB2Z.. made the trades. However, despite the massive dump, the whale still held 50,000 WIF, worth $175K. Notably, the whale booked a total profit of $7.5 million on the leading dog-themed meme token with the mentioned trades weighing in.
While this profit-making strategy underscored the meme coin’s potential to offer substantial gains, it also signaled a loss of investor confidence in the asset’s future potential. Besides, the massive dump sparks bearish concerns among traders amid a bull market while the existing holding still projects some optimism on price ahead, sparking market speculations.
Also, on-chain data showed that the whale also booked a notable profit on recently listed the Solana meme coin PNUT. The whale spent 3,800 SOL to bag 1.74 million PNUT, now holding an unrealized profit of $2.07 million. Solscan’s data showed that other token holdings by the same address included GIGACHAD (GIGA) and Chaos and Disorder (CHAOS), among other tokens.
Overall, market participants speculate over WIF price action’s future in light of the massive dump and an intraday crash.
What’s Next For WIF Price?
At press time, WIF price crashed 16% over the past day and is now trading at $3.54. The coin’s 24-hour low and high were $3.38 and $4.33, respectively. Further, the token’s intraday trading volume dipped 48% to $1.99 billion today. This slumping action aligns with the declining market confidence for the asset, as illustrated by the abovementioned massive dump.
Meanwhile, Coinglass data indicated that the Dogwifhat futures OI dipped 19% to $609.02 million today. Moreover, the derivatives volume also plunged 41% to $4.17 billion. This data further signaled a loss of investor interest in the asset.
Nevertheless, in light of a bullish crypto market in Q4 as an aftermath of Donald Trump’s win in the U.S. elections, the crypto market glimmers hope for future movements. In the wake of these bullish aspects, a recent Dogwifhat price analysis by CoinGape Media indicated that the token also eyes a new ATH shortly ahead. Although this bullish projection comes contrary to the selloff, market watchers continue to extensively monitor the token as sentiments of further gains prevail.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Dogecoin and Solana are two of the largest cryptocurrencies by market cap and are closely positioned within the top ranks of the market, with only BNB separating them. Both cryptocurrencies have seen their respective market caps increase massively in the past 30 days.
At the time of writing, Solana has a market cap of $104 billion and is trading at around $220. Dogecoin, on the other hand, is trading at $0.41 with a market cap of $59.5 billion, meaning it has some catching up to do in order to overtake Solana in market cap rankings.
How Much Will Dogecoin Be If It Reaches Solana’s Market Cap?
Solana has witnessed an impressive 43% increase in its market cap over the past 30 days in light of growing interest and positive market momentum. However, this gain is overshadowed by DOGE’s remarkable rally within the same period. Dogecoin’s price has more than doubled in the last four weeks, surging by 250% as excitement around the meme coin is at its highest point in a long time.
As it stands, DOGE’s market cap is about 0.57 of Solana’s market cap. However, recent market dynamics suggest that Dogecoin is on a trajectory to continue closing this gap. After punching in the numbers, Dogecoin’s price target to reach the current Solana market cap is around $0.7053. This implies that for DOGE to secure its place as the fourth-largest crypto by market cap, the meme coin would need an additional 76% price increase from its current levels in the case Solana starts to consolidate at this point. Interestingly, this would see the DOGE market cap overtaking that of BNB in the process.
The prospect of Dogecoin reaching the $0.70 level is now more feasible than ever, particularly since this target is just slightly below DOGE’s all-time high of $0.7316, which the bulls are now targeting.
How Feasible Is The Race For DOGE?
Regardless of whether the Solana market cap consolidates or continues to increase from here, the current market pace suggests Dogecoin is still going to overtake Solana in market cap. This would not only be a notable milestone for DOGE, but it would create a new price all-time high, and also a new milestone for the meme coin community.
Speaking of all-time highs, DOGE is only about 79% from creating a new all-time high. According to popular crypto analyst Ali Martinez, Dogecoin is now on its way to reach at least $2.40.
Supporting this outlook is data from on-chain analytics platform Santiment. According to Santiment, meme coins are experiencing the highest levels of activity and interest from market participants across the crypto landscape. Furthermore, the Dogecoin price rally has been driven by retail investors now leaning into the meme coin as Bitcoin starts to get too pricey.
Featured image created with Dall.E, chart from Tradingview.com
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