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Cryptocurrency News Articles
Cryptocurrency Markets Are Closing the Week Strong, with Bitcoin Pushing Above $90,000
Nov 16, 2024 at 04:15 am
Veteran analyst Benjamin Cowen expects Bitcoin dominance to increase for the remainder of the year. He expects a reversal only in 2025.
(Nov. 4, 2022) Cryptocurrency markets are closing the week strong, with Bitcoin pushing above $90,000 at the end of the U.S. trading session.
Notable Statistics:
Bitcoin rose over 2% on Friday evening.
The world’s largest cryptocurrency reached highs of $90,275.
BTC last traded above $90,000 in March 2022.
Bitcoin price now down 70% from all-time highs.
Chart shows BTC price action over the past seven days. Source: Finviz
Notable Developments:
Veteran analyst Benjamin Cowen anticipates Bitcoin dominance will continue to rise through the year. He anticipates a reversal only in 2025.
“With #ALT / #BTC pairs still about 27% off their lows, #DXY climbing, yields going up, and QT continuing, #BTC dominance will likely go higher into EOY. I do think #BTC dominance will go down in 2025, but that is 1.5 months away, and a lot can happen between now and then.”
A poll by trader TheFlowHorse showed his audience was split on whether Bitcoin will trade above $89,500 over the weekend, with a slight 54% majority saying yes.
Technical analyst Pierre outlined the likely paths for Bitcoin in the short term: either a flip of the resistance level around $90,000, which could lead to new highs, or a visit to the bottom of the range around $85,000. In between the two prices, he anticipates sideways trading action.
Top Gainers:
Among the top gainers were Bitcoin (BTC), Litecoin (LTC) and Near Protocol (NEAR).
LTC price rose over 4%.
The cryptocurrency reached highs of $64.40.
LTC price now down 85% from all-time highs.
Chart shows LTC price action over the past seven days. Source: Finviz
Other gainers included ApeCoin (APE), Bitcoin Cash (BCH) and Chainlink (LINK).
APE price rose over 3%.
The cryptocurrency reached highs of $4.08.
APE price now down 80% from all-time highs.
Chart shows APE price action over the past seven days. Source: Finviz
Trader Notes:
The influence of Bitcoin as an institutional asset class is set to be explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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