Crypto Market Recap for November 18, 2024
This article is adapted from First Mover, CoinDesk’s daily newsletter analyzing the latest moves in crypto markets. Subscribe to get it delivered to your inbox.
Latest Prices
- CoinDesk 20 Index: 2,927.56 (+1.66%)
- Bitcoin (BTC): $90,660.93 (-0.34%)
- Ether (ETH): $3,085.79 (-1.21%)
- S&P 500: 5,870.62 (-1.32%)
- Gold: $2,592.87 (+1.2%)
- Nikkei 225: 38,220.85 (-1.09%)
Top Stories
Solana Hits $240, Bitcoin Stalls Above $90K
Solana’s SOL surged 4.3% in the past 24 hours, climbing above $240 for the first time in three years. The rally outpaced the broader CoinDesk 20 Index, which gained 1.6%. Bitcoin, meanwhile, held steady above $90,000 as its monumental rally paused following Donald Trump’s presidential victory.
Analysts remain bullish, suggesting this consolidation could be a prelude to further upside. According to BCA Research, BTC has the potential to reach $200,000, drawing parallels with historical fractal patterns.
Retail Euphoria Peaks, JPMorgan Sentiment Hits Record
JPMorgan’s retail sentiment indicator for bitcoin-related assets, including spot ETFs, reached an all-time high of 4 last week, signaling intense euphoria in the market.
MicroStrategy (MSTR), a prominent corporate bitcoin holder, saw options activity skew heavily toward bullish bets. However, some analysts warn this exuberance may signal a potential correction. “Call skew in MSTR reflects extreme optimism—typical of local market peaks—unless BTC continues its parabolic rise,” noted pseudonymous analyst Markets&Mayhem.
XRP Surges to Three-Year High Amid Regulatory Optimism
XRP soared to $1.20 over the weekend, marking its highest level in three years. Futures markets mirrored this enthusiasm, with open interest exceeding $2 billion—a sign of heightened volatility expectations.
Optimism stems from expectations that a Trump-led administration could ease regulatory pressures on U.S.-linked crypto companies like Ripple Labs. Additionally, Ripple’s upcoming RLUSD stablecoin and Société Générale’s euro-backed stablecoin are expected to enhance institutional use of the XRP Ledger.
Chart of the Day
SOL/BTC Ratio Signals Further Solana Strength
The SOL/BTC ratio has broken out from a prolonged triangular consolidation pattern, suggesting continued outperformance of SOL relative to bitcoin.
(Source: TradingView)
