Crypto Market Recap: November 27, 2024
Exciting Update: Starting Monday, First Mover Americas will evolve into Crypto Daybook Americas, your go-to morning briefing on crypto market happenings overnight and key predictions for the day ahead. Publishing at 7 a.m. ET, it will deliver in-depth insights to help you stay ahead. Make sure to tune in to kick off your day with the latest crypto trends!
Market Snapshot:
- CoinDesk 20 Index: 3,278.83 (+4.32%)
- Bitcoin (BTC): $93,338.67 (+1.05%)
- Ether (ETH): $3,462.51 (+3.99%)
- S&P 500: 6,021.63 (+0.57%)
- Gold: $2,652.77 (+1.2%)
- Nikkei 225: 38,134.97 (-0.8%)
Top Stories:
Bitcoin (BTC) rebounded after dropping below $91,000 on Tuesday, rising to over $93,800, reflecting a 1.8% increase in the last 24 hours. Despite this, Bitcoin ETFs saw their second consecutive day of net outflows, losing almost $123 million on Tuesday, though this is a significant improvement over Monday’s outflows of nearly $440 million. BTC is trailing the broader digital asset market, which has seen more positive momentum, with the CoinDesk 20 Index rising by over 4.8%. In contrast, XRP, ADA, and AVAX all recorded double-digit gains.
Ether (ETH) continued to climb, gaining 4.6% in the past 24 hours and approaching a return to $3,500. The ETH-BTC ratio is hovering just above 0.037, a 10% increase in the past week. U.S. spot ether ETFs saw net inflows on both days this week, while Bitcoin ETFs experienced outflows. Additionally, the ether options market, listed on Deribit, is seeing an uptick, with over 2 million active contracts, the highest since late June. Notional open interest stands at $7.33 billion, according to Deribit Metrics.
Traders are increasingly piling into ether derivatives, signaling strong confidence in higher prices for the second-largest cryptocurrency. Cumulative open interest in perpetual and standard futures contracts has surged to a record 6.32 million ETH, valued at over $27 billion, marking a 17% gain so far this month, according to CoinGlass data. The gap between three-month ETH futures and spot prices has grown to an annualized 16%, a development that could spark more interest in cash and carry trades, which capitalize on the price difference between the two markets.
Chart of the Day:
The broader market is mirroring Bitcoin’s rally, with the percentage of Binance-listed altcoins trading above their 50-day simple moving averages (SMA) nearing 90%. Additionally, over 70% of altcoins are trading above their 200-day SMA, signaling widespread positive momentum across the market.
Source: Capriole Investments
