Crypto Market Update: November 13, 2024
Overview
Here’s a recap of the latest moves in the crypto markets for November 13, 2024, as well as the broader context shaping trends today.
Market Snapshot:
- CoinDesk 20 Index: 2,598.80 (-1.86%)
- Bitcoin (BTC): $87,804.73 (-0.04%)
- Ether (ETH): $3,166.56 (-3.78%)
- S&P 500: 5,983.99 (-0.29%)
- Gold: $2,611.13 (+0.00%)
- Nikkei 225: 38,721.66 (-1.66%)
Bitcoin Rally Hits Resistance
Bitcoin’s meteoric rally has paused after testing the $90,000 milestone. The cryptocurrency briefly hit $90,100 on Coinbase during Tuesday’s U.S. trading session before encountering selling pressure. Prices retraced to $86,200 in the European morning before recovering to hover around $87,500—a 2.65% drop from Tuesday’s highs.
Altcoins took a sharper hit, with Ether (ETH) down 3.6% and Solana (SOL) falling 2.8% over the past 24 hours. The broader market, as reflected by the CoinDesk 20 Index, shed 1.4%.
Inflation Data Looms Large
The October U.S. consumer price index (CPI) report, due at 8:30 a.m. ET, is a key focus for investors. Analysts expect a year-on-year increase of 2.6%, up from 2.4% in September, marking the first uptick since March.
Historically, inflation reports have spurred volatility in crypto markets. Bitcoin, for instance, fell 7.5% on January 12 after a surprisingly high December inflation reading. Should today’s data signal sustained inflationary pressures, it could further influence market sentiment and risk asset performance.
DOGE in the Spotlight
President-elect Donald Trump has officially announced the formation of a Department of Government Efficiency (DOGE), headed by Elon Musk and Vivek Ramaswamy. The department aims to streamline government operations and eliminate waste, with Musk promising complete transparency through online updates and public feedback.
This nod to the meme-inspired cryptocurrency has coincided with a surge in Dogecoin (DOGE) prices. The token has rallied nearly 250% over the past month, reaching levels last seen in 2021. Investors are now targeting the $1 mark as a potential long-term goal.
Chart of the Day
The USDT daily mints, a key indicator of market liquidity, suggest a robust supply of “dry powder” for bullish deployments. Data from Glassnode highlights the ongoing strength in stablecoin issuance, pointing to sustained market optimism.
Takeaway
As Bitcoin consolidates near $90,000 and macroeconomic factors like U.S. inflation data dominate headlines, the crypto market remains poised for potential volatility. Meanwhile, DOGE’s rise underscores the unpredictable but potent influence of memetic narratives in driving market interest.
