The leading cryptocurrencies Bitcoin BTC/USD and Ethereum ETH/USD have traded sideways for months, leaving traders puzzled over the lack of decisive price action.
What Happened: Based on the analysis of previous Bitcoin cycles, CryptoCon predicts Bitcoin to surge by early 2025, with prices crossing the $100,000 mark. The trader estimates Bitcoin to reach the predicted price of $107,558 or higher by December 2024 or January 2025.
For Ethereum, Cold Blooded Shiller sees a struggle against $2380 resistance. If it doesn’t break through the resistance, it could drop to $2,150. He concluded, “Trapped between $2150 and $2350 the next larger move comes when one gives way.”
Also Read: Bitcoin, Ethereum Need New Catalyst For ‘Enhanced Retail Engagement,’ JPMorgan Says
Why It Matters: As Bitcoin moves closer to the $60,000 mark again and Ethereum struggles to cross its prior month’s high levels, here is a look at some key metrics for both the crypto coins.
IntoTheBlock data shows contradictory performance of Bitcoin and Ethereum metrics in the past 24 hours. Bitcoin’s large transaction volume dropped by 11%, while Ethereum saw an increase of 2.9%. Ethereum daily active addresses rose by 10.9% and Bitcoin saw a 7% drop.
Notably, exchange netflows narrowed by 56.7% for Bitcoin and Ethereum saw an expansion of 397.8%.
Coinglass data noted $7.4 million in liquidations in the past 24 hours for Bitcoin, while Ethereum’s liquidations stood at $9.8 million.
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.
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Market News and Data brought to you by Benzinga APIs
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