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Bitcoin Today 11/14/2024: BTC goes on a ‘seesaw’ and PEPE soars 80%
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On Wednesday (13), the price of Bitcoin (BTC) reached a new all-time high of US$93,000 before retreating and reaching US$89,000. Apparently, there would be a correction after the strong upward rally seen last week, but that was not what happened.
Instead of correcting, BTC did nothing more than a “seesaw” movement that was short-lived. This Thursday morning (14), the cryptocurrency was already back to the level of US$91,000. According to CoinGecko, the price of Bitcoin registered gains of 4.5% and opened the day at US$91,279.
Cardano (ADA) rose strongly again with an increase of 8.5% and led the Top 10 gains, followed by XRP with an increase of 7.6%. And then came Dogecoin (DOGE), whose price appreciated 6.4% and opened the day at US$0.40.
In the Top 100, absolute dominance went to memecoins, which registered strong increases of more than 20%. The leader of the day was PEPE, whose listing on Coinbase served to cause gains of 79% in the price of the cryptocurrency. The memecoin PNUT voted to rise strongly and had gains of 45.8% and Dogwifhat (WIF) followed closely behind, with 41%.
Gain realization turns yellow light on Bitcoin
The Bitcoin: Realized Profit (USD) indicator measures the profit that investors realized when selling their BTC. It takes the original purchase price of Bitcoin and compares it to the sale price.
When the sale is made at a higher value than the purchase, the profit made is recorded. In other words, every time this happens, it means that profits are made, which usually occurs at historical peaks.
As Todaysgist reported, this profit taking occurred on Wednesday and “locked” the price of Bitcoin. But it happened again today and at an even greater level, which is starting to raise alarms.
“Another day in which we had a high volume profit realization, this time we had US$5.4 billion being put in our pockets. When we hit a sequence of days with high profit-taking we have to stay alert as we could be forming a top, which is why purchases here should be avoided”, explains Fernando Pereira, analyst at Bitget.
In fact, the graph below shows that Thursday recorded the highest profit taking since October 8th and the second day in a row with profits exceeding US$4 billion. And data from miners can confirm this top scenario.
Julio Moreno, head of research at CryptoQuant, noted that Bitcoin miners are taking advantage of the recent price surge above $90,000. On Wednesday, miners sent 25,000 BTC to exchanges, a clear sign that many are taking profits.
Bitcoin Today 11/14/2024: BTC goes on a ‘seesaw’ and PEPE soars 80%
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Bitcoin Today 11/14/2024: BTC goes on a ‘seesaw’ and PEPE soars 80%
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Bitcoin Today 11/14/2024: BTC goes on a ‘seesaw’ and PEPE soars 80%
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Bitcoin Today 11/14/2024: BTC goes on a ‘seesaw’ and PEPE soars 80%
