Cryptocurrency Markets Trade Flat After US Presidential Debate Seen as a Win for Harris

Notable Statistics: Notable Developments: Top Losers: Trader Notes: As Bitcoin prices crossed the $57,000-mark, crypto trader Cold Blooded Shiller predicted

Cryptocurrency markets showed little movement on Thursday evening after a presidential debate that was largely seen as a win for Vice President Kamala Harris.

What Happened: Bitcoin was trading flat over the past 24 hours at a price of $56,834. The apex cryptocurrency showed a weekly gain of 0.03% and a monthly gain of 3.3%.

Chart: TradingView

Ethereum was trading at a price of $3,810 after showing flat movement over the past 24 hours. The second cryptocurrency by market capitalization showed a weekly gain of 0.23% and a monthly gain of 1.2%.

Chart: TradingView

Dogecoin was trading at a price of $0.27 after showing a slight gain of 0.2% over the past 24 hours. The meme cryptocurrency showed a weekly gain of 1.1% and a monthly gain of 23.2%.

Chart: TradingView

Shiba Inu was trading at a price of $0.00004 after showing a loss of 0.3% over the past 24 hours. The meme cryptocurrency showed a weekly gain of 1.2% and a monthly gain of 102.3%.

Chart: TradingView

Relative Flatness: Cryptocurrency markets have shown relative flatness in recent days after a period of strong gains earlier in October. The flattening of gains may be a sign of profit-taking by traders or a consolidation period before the next leg of the rally.

Institutions Driving Markets: A recent report by Fidelity Digital Assets showed that institutions are playing a major role in driving cryptocurrency markets higher in 2024.

Institutions are showing a preference for Bitcoin and Ethereum, while retail traders are showing more interest in meme cryptocurrencies like Dogecoin and Shiba Inu.

Benzinga's Take: Markets are showing a mixed performance in the final quarter of 2024, with meme cryptocurrencies outperforming blue-chip cryptocurrencies like Bitcoin and Ethereum.

The influence of Bitcoin as an institutional asset class is set to be further explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

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