The global cryptocurrency market cap has dipped by 1.05%, now sitting at $3 trillion. Some traders believe the Bitcoin story hasn’t changed much. Others think Bitcoin might be on the brink of another fakeout.

Today, cryptocurrency markets are down, even with strong interest in spot Bitcoin ETFs.

Current Cryptocurrency Prices:

  • Bitcoin (BTC/USD): $94,297.59 (+1.3%)
  • Ethereum (ETH/USD): $3,076.55 (-1.5%)
  • Solana (SOL/USD): $234.51 (-3.3%)
  • Dogecoin (DOGE/USD): $0.3765 (-6%)
  • Shiba Inu (SHIB/USD): $0.00002387 (-5.2%)

Key Statistics:

According to IntoTheBlock, large transaction volumes are up by 8.8%. However, daily active addresses have dropped by 6.4%. Transactions over $100,000 increased from 11,812 to 11,911 in just one day. Exchange net flows skyrocketed by 84,696.7%. Meanwhile, Coinglass reports that 154,969 traders were liquidated in the last 24 hours, totaling $397.33 million. Short liquidations in crypto are at their lowest since November 5, coming in at $86.5 million.

Notable Developments:

  • Bernstein identifies Robinhood as a leading “crypto deregulation” trade.
  • Coinbase plans to delist Wrapped Bitcoin soon, citing “listing standards.”
  • Coinbase CEO Brian Armstrong supports the DOGE initiative, highlighting how blockchain could improve government efficiency.
  • MicroStrategy has raised its convertible notes offering to $2.6 billion for Bitcoin purchases.

Top Losers:

  • Goatseus Maximus (GOAT/USD): $0.9278 (-18.3%)
  • Popcat (POPCAT/USD): $1.53 (-16.2%)
  • Peanut the Squirrel (PNUT/USD): $1.48 (-14.7%)

Trader Insights:

With Bitcoin prices remaining relatively stable, trader DonAlt humorously encouraged others to bet on the next move. Michaёl van de Poppe noted that Bitcoin’s trend is a “slow grind up, significant flush, and then a rebound.”

Trader CrediBULL sees altcoins nearing critical interest levels. If Bitcoin pushes above local highs, it could lead to a period of altcoin outperformance. Many altcoins are at pivotal moments and could see strong growth if Bitcoin stabilizes. Expect clarity in market direction soon.

Veteran traders suggest that Bitcoin reaching “$100,000 is programmed,” with Dogecoin and Bonk likely to benefit.

Stay tuned for more updates!