Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Cryptocurrency markets remain buoyant amid Ethereum futures peaking to an all-time high of $15.1 billion, propelled by speculation of an imminent spot Ethereum ETF approval.
What Happened: Major cryptocurrencies are trading higher at the time of writing.
Prices as of 4 p.m. Eastern Time:
| Cryptocurrency | Price | Gains +/– |
| Bitcoin (CRYPTO: BTC) | $69,331.92 | -1.2% |
| Ethereum (CRYPTO: ETH) | $3,715.73 | +7.8% |
| Solana (CRYPTO: SOL) | $175.36 | -6.2% |
| Dogecoin (CRYPTO: DOGE) | $0.1643 | +4.1% |
| Shiba Inu (CRYPTO: SHIB) | $0.00002517 | +008% |
Notable Statistics:
- IntoTheBlock data noted a 53.8% surge in large transaction volume and a 7.7% increase in daily active addresses. Transactions greater than $100,000 increased from 5,333 transactions as of May 19 to 9,116 transactions as of May 20.
- Coinglass data noted 84,969 traders being liquidated in the past 24 hours; the total liquidations came in at $303.90 million.
- A Barrons report highlighted that the SEC has informed exchanges that it is leaning towards approving spot Ethereum ETFs.
- SEC Seeks Changes To Ether ETF Filings, Raising Approval Hopes
- Ethereum Rises 20%, Futures Open Interest Hits Record $15B As ETF Approval Odds Jump To 75%
- $241M Spot Bitcoin ETF Inflows On Monday Fuel Rally Above $70K
- SEC Could Approve Spot Ethereum ETF ‘This Week:’ Report
| Cryptocurrency | Price | Gains +/- |
| Pepe (CRYPTO: PEPE) | $0.00001241 | +15.7% |
| Bonk (CRYPTO: BONK) | $0.0000306 | +14.2% |
| Uniswap (CRYPTO: UNI) | $9.44 | +11% |
Also Read: Bitcoin Could Approach $80,000 By June: 10x Research
Analyst Notes: Lluciano aka Lucky tweeted that the current pullback below $70,000 is "completely normal and healthy." He goes on to add, "BTC needs some time to rest before it can firmly stay above $70,000."
He advises, "Just keep dollar-cost averaging into the good projects."
Stockmoney Lizards targets $80,000 as Bitcoin's next price level.
#BitcoinThis recent move has been very bullish. as long as we keep the range highs including higher lows, we see no reasons the upmove shouldn't continue.
Next target 80k
POC (~66.4k) will be support if we retrace from here.
Let's go. pic.twitter.com/2SECySoyyr
— Stockmoney Lizards (@StockmoneyL) May 21, 2024
Dami-Defi notes that the "Sell in May and go away" crew will not be believing their eyes. He highlights Bitcoin's 5-year trend, "Oct to Apr buy: +1,449%, May to Sep buy: -29%," although “it could be different” this time.
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 Could Reach $420K With 1% Global Asset Allocation, Predicts Financial Guru Ric Edelman
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.