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Bitcoin, Ethereum, Dogecoin Pick Up Steam: The Pre-Halving Week In Retrospect

Published 19/04/2024, 21:35
© Reuters.  Bitcoin, Ethereum, Dogecoin Pick Up Steam: The Pre-Halving Week In Retrospect
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Benzinga - by Khyathi Dalal, Benzinga Staff Writer.

Cryptocurrency markets surged on Friday, with a 47.5% spike in total crypto liquidations reaching $258.7 million and a more than double increase in total exchange inflows, as investors eagerly await the Bitcoin Halving set to occur in a few hours.

What Happened: Geopolitical tensions continue to weigh on global markets, including stocks and crypto, following Israel’s military strike on Iran in the early hours of Friday.

Cryptocurrency Gains +/- Price
Bitcoin (CRYPTO: BTC) +1.0% $64,161.87
Ethereum (CRYPTO: ETH) +0.8% $3,094.50
Dogecoin (CRYPTO: DOGE) +1.7% $0.1535

The global cryptocurrency market cap now stands at 2.35 trillion, up 4.7% in the past 24 hours. In the same period, 84,226 traders were liquidated, with total liquidations amounting to $257.93 million. The largest single liquidation order took place on OKX – ETH-USD-SWAP, valued at $5.03 million. Bitcoin liquidations in the past 24 hours are nearing the 100 million mark, with long liquidations at $52 million and short liquidations at $44.6 million.

Top Gainers

Cryptocurrency Gains +/- Price
Dogwifhat (CRYPTO: WIF) +15.4% $2.97
THORChain (CRYPTO: RUNE) +12.3% $5.45
Internet Computer Protocol (CRYPTO: ICP) +11.7% $14.13

IntoTheBlock data highlights that 91% of Bitcoin holders are currently in profit, while 9% are at breakeven. Total exchange inflows more than doubled to 2.54 billion as of April 18 from 1.1 billion on April 17, and daily active addresses increased by 4.3% to 828,630.

Analyst Notes: Paxton, the creator of Binance Square, tweeted that Bitcoin is in a significant rally.

Meanwhile, notable crypto trader and analyst CrediBULL Crypto hinted at a potential upward grind despite a momentum stall in his latest X post.

He noted that while Bitcoin’s momentum had stalled overnight, resulting in a three-legged move instead of a clean five-wave impulse, the cryptocurrency could still see an upward trend. However, he cautioned market participants to remain vigilant and consider potential risks when reaching range highs.

What's Next: 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 And Ethereum Take Center Stage According To Coinbase Q2 Crypto Market Guide

Image: Shutterstock

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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