The cryptocurrency market continues to be a hotspot for speculative traders, especially amidst the recent surge driven by FOMO (fear of missing out). This intense activity led to nearly $500 million being liquidated, predominantly involving long traders. In recent developments, Bitcoin’s price momentum has decelerated over the past 24 hours. This slowdown follows comments from Fed Chair Jerome Powell, who minimized the likelihood of an interest rate cut in December. Additionally, the ongoing corrections in the gold market have dented short-term confidence within both the Bitcoin and altcoin markets.
As a consequence, Bitcoin’s price has signaled a potential midterm correction to approximately $85,000. This comes as the bullish run takes a breather following last week’s remarkable performance.
Top Movers in the Crypto Market Today
Bitcoin Whales Take Profit
As Bitcoin’s price nears a psychological resistance level around $93,000, on-chain data suggests that whale investors are rapidly cashing in their profits. Notably, U.S. spot Bitcoin ETFs have seen the third-largest cash outflows since their inception, amounting to around $400 million. Additionally, the government of Bhutan has shifted 367 Bitcoins from its treasury of 12,206 BTC to Binance, potentially increasing the likelihood of further sell-offs. In a similar vein, Bitcoin miners have transferred over 45,000 BTC to exchanges in the past three days, indicating a possible shift in the market dynamics.
Cardano (ADA) and Ripple’s XRP Lead in Major Gains
Among the large-cap altcoins making significant strides recently, Cardano (ADA) and Ripple’s XRP have emerged as notable performers. According to the latest market data, XRP from Ripple Labs has surged by over 22 percent in the last 24 hours, reaching the July 2023 peak of above 90 cents. This large-cap altcoin, with a fully diluted valuation approaching $89 billion, has gained momentum from the anticipated departure of SEC Chair Gary Gensler. Similarly, Cardano (ADA) experienced a price surge of over 20 percent within the last 24 hours, peaking at around 66 cents for the week. Intriguingly, the Cardano network, alongside Hyperledger and Hedera, has been selected to develop a federal blockchain voting system.
OKX Lists Moo Deng
In other exciting developments, leading cryptocurrency exchange OKX has announced the listing of the Moo Deng (MOODENG) meme coin on its spot trading market. This listing propelled the meme coin to surge by over 48 percent, trading at approximately 66 cents on Friday, November 15, during the mid-New York session. The addition of Moo Deng to OKX’s platform highlights the growing interest and diversification within the cryptocurrency market.
In conclusion, the cryptocurrency market remains a dynamic and rapidly evolving space, with significant movements being driven by both macroeconomic factors and individual asset performance. As traders and investors navigate these waters, staying informed and adaptable will be key to success in this burgeoning landscape.
