The cryptocurrency market continues to captivate speculative traders, driven by a surge in FOMO (fear of missing out). Amidst this excitement, nearly $500 million has been liquidated from the market, with long traders bearing the brunt. Over the past 24 hours, Bitcoin’s bullish momentum has decelerated following Federal Reserve Chair Jerome Powell’s remarks about the low probability of a rate cut in December. This, coupled with the ongoing correction in the gold market, has dampened short-term confidence in both Bitcoin and altcoins.
Bitcoin’s Midterm Correction Forecast
Bitcoin’s price has signaled a potential midterm correction, possibly dipping to $85,000. This comes as bulls take a breather after the impressive rally witnessed last week. As investors assess the landscape, the market’s dynamics are shaping up for a captivating phase.
Top Movers in the Crypto Market Today
Bitcoin Whales Profit Taking
As Bitcoin approaches a critical psychological resistance level near $93,000, on-chain data reveals a surge in profit-taking activity among whale investors. Notably, US spot Bitcoin ETFs have experienced significant cash outflows, totaling approximately $400 million, marking the third highest since their inception. The Bhutan government has also contributed to the selling pressure by transferring 367 Bitcoins from its 12,206 BTC holdings to Binance, heightening the possibility of further sell-offs. In the past three days, Bitcoin miners have moved over 45,000 BTCs to exchanges, intensifying market dynamics.
Cardano (ADA) and Ripple’s XRP Showcase Major Gains
In the altcoin arena, Cardano (ADA) and Ripple’s XRP have emerged as standout performers. Recent market data indicate that Ripple Labs’ XRP has surged over 22% in the past 24 hours, revisiting the July 2023 peak of above 90 cents. The altcoin, with a fully diluted market valuation of approximately $89 billion, is poised to benefit from the potential departure of SEC Chair Gary Gensler.
Similarly, Cardano (ADA) has experienced a remarkable rally, climbing over 20% in the last 24 hours to reach a weekly peak of around 66 cents. The Cardano network is gaining traction, being considered alongside Hyperledger and Hedera for the development of a federal blockchain voting system, further bolstering its market position.
OKX Lists Moo Deng
In a noteworthy development, the leading cryptocurrency exchange OKX has announced the listing of the Moo Deng (MOODENG) meme coin on its spot trading market. This listing has sparked a surge in the coin’s value, with its price skyrocketing over 48% to approximately 66 cents during the mid-New York trading session on Friday, November 15. The listing of Moo Deng adds another layer of excitement to the ever-evolving cryptocurrency landscape.
The crypto market remains a dynamic and unpredictable space, with traders and investors navigating through a myriad of opportunities and challenges. As Bitcoin and prominent altcoins like Cardano and Ripple demonstrate significant movements, the market is poised for further fluctuations. Stay informed and vigilant as the crypto world continues to evolve at a rapid pace.
