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Price analysis 11/8: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, MATIC

Price analysis 11/8: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, MATIC


Bitcoin’s (BTC) rally has come to a halt near $36,000, but profit booking by bulls has not been observed. According to Glassnode analysis, the Long-Term Holder metric, which are addresses holding Bitcoin for at least 155 days, supply is near an all-time high, while the Short-Term Holder, addresses holding coins for less than 155 days, supply is near an all-time low, indicating tightening Bitcoin supply.

While the long-term outlook looks positive, there could be volatility in the short term. Bitcoin derivatives markets have seen a significant increase in open interest, rising above $16 billion at the time of writing, per CoinGlass data. J. A. Maartunn, a contributor to on-chain analytics platform CryptoQuant, highlighted on X (previously Twitter) that increases in open interest above $12.2 billion have previously resulted in a minimum dip of 20%.

Although Bitcoin may face a decline in the near term, traders have started accumulating select altcoins. As a result, several altcoins have experienced solid rallies, breaking out of long basing patterns and showing signs of starting a new uptrend. Altcoins are likely to continue to be in focus as long as Bitcoin does not drop below $30,000.

The content in the following HTML tags has been excluded from this rewrite to avoid the need to translate them:

– Daily cryptocurrency market performance.Source: Coin360
– BTC/USDT daily chart. Source: TradingView
– ETH/USDT daily chart. Source: TradingView
– BNB/USDT daily chart. Source: TradingView
– XRP/USDT daily chart. Source: TradingView
– SOL/USDT daily chart. Source: TradingView
– ADA/USDT daily chart. Source: TradingView
– DOGE/USDT daily chart. Source: TradingView
– TON/USDT daily chart. Source: TradingView
– LINK/USDT daily chart. Source: TradingView
– MATIC/USDT daily chart. Source: TradingView

For the most current analysis of the top 10 cryptocurrencies, we recommend checking the original content.