Cryptocurrency markets are slightly up as markets are trying to assess the chances of a rate cut next Wednesday.

Cryptocurrency Price Gains +/- Bitcoin BTC/USD $58,420.94 +1.7% Ethereum ETH/USD $2,354.98 +0.9% Solana SOL/USD $135.52 +2.8% Dogecoin DOGE/USD $0.1021 +0.8% Shiba Inu SHIB/USD $0.00001334 +0.7%

Notable Statistics:

IntoTheBlock data shows Bitcoin's large transaction volume dropped by 11%, while daily active addresses saw a 7% drop. Exchanges netflows narrowed by 56.7%.

Coinglass data shows 26,425 traders liquidated in the past 24 hours for $67.65 million.

Crypto chart analyst Ali Martinez noted a spike in the Bitcoin Taker Buy/Sell Ratio on Binance. This is a sign of aggressive buying, with potential upward momentum ahead.

In another tweet, he said that Bitcoin miners are earning far less than their historical average as indicated by Bitcoin Puell Multiple dropping below 0.4.

Notable Developments:

Top Gainers:

Cryptocurrency Price Gains +/- Worldcoin WLD/USD $1.60 +16.5% Sui SUI/USD $1.02 +12.5% Beam BEAM/USD $0.01416 +11.4%

Trader Notes: With Bitcoin prices crossing the $58,000-mark, crypto trader Titan Of Crypto foresees the "legendary $100,000 target incoming." He predicts the end of the year could surprise many just like in 2022 when the “recession was everywhere,” but Bitcoin bottomed out earlier.

With a reclaim of $58,000, crypto trader Jelle sees a push beyond $65,000 to "completely lock into the Q4 all-time high thesis."

#Bitcoin slowly grinds higher — as it tries to reclaim the key level around $58,000.

Want to see this push beyond $65,000 to completely lock into the Q4 ATH thesis.

Until then — level by level. pic.twitter.com/q8ClQFaZqd — Jelle (@CryptoJelleNL) September 12, 2024

Stockmoney Lizards compares Bitcoin's performance to a time-specific pattern that revolves around the Halving dates. The trader calls the timing perfect and expects to see bright green monthly candles again after a couple of weeks, most likely in Q4 2024.

He added, "If all goes according to plan, we could see a full bullish 2025."

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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