Reflecting on the Pre-Halving Surge of Bitcoin, Ethereum, and Dogecoin

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Cryptocurrency markets experienced a significant surge on Friday, witnessing a 47.5% increase in total crypto liquidations amounting to $258.7 million. Additionally, there was a notable more than double rise in total exchange inflows, all amidst the anticipation surrounding the imminent Bitcoin Halving event.

Key Developments: Global market sentiments, both in traditional stocks and the crypto sphere, remained under pressure due to ongoing geopolitical tensions triggered by Israel’s military action against Iran early on Friday.

CryptocurrencyPrice ChangePriceBitcoin BTC/USD+1.0%$64,161.87**Ethereum** ETH/USD+0.8%$3,094.50Dogecoin DOGE/USD+1.7%$0.1535

The collective market capitalization of cryptocurrencies has now reached 2.35 trillion, reflecting a 4.7% surge in the last 24 hours. During this period, a total of 84,226 traders faced liquidation, with the cumulative liquidated amount hitting $257.93 million. Among these, the largest single liquidation occurred on OKX – ETH-USD-SWAP, totaling $5.03 million. Notably, Bitcoin liquidations are on the brink of hitting the 100 million mark within the past day, with long liquidations amounting to $52 million and short liquidations totaling $44.6 million.

Top Performers

CryptocurrencyPrice ChangePriceDogwifhat WIF/USD+15.4%$2.97**THORChain** RUNE/USD+12.3%$5.45Internet Computer Protocol ICP/USD+11.7%$14.13

Data from IntoTheBlock reveals that a substantial 91% of Bitcoin holders are currently witnessing profits, while the remaining 9% are at breakeven. Furthermore, total exchange inflows have more than doubled, surging to 2.54 billion on April 18 from 1.1 billion on April 17. Concurrently, daily active addresses have seen a 4.3% uptick, reaching 828,630.

Expert Insights: Paxton, the mind behind Binance Square, took to Twitter to express that Bitcoin is amidst a noteworthy rally.

Conversely, prominent crypto trader and analyst CrediBULL Crypto suggested a potential upward trajectory despite a temporary momentum halt in his recent analysis.

He observed that although Bitcoin’s momentum faced a pause overnight, resulting in a three-legged movement instead of a conventional five-wave impulse, the digital asset could still be poised for an upward trajectory. Nevertheless, he advised market participants to exercise caution and assess potential risks as prices approach range highs.

Future Outlook: The evolving role of Bitcoin as an institutional asset class is slated for in-depth exploration at Benzinga’s upcoming event, the Future of Digital Assets, scheduled for Nov. 19.

Find Out More: Insights into Bitcoin And Ethereum Dominance in Coinbase’s Q2 Crypto Market Guide

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