Crypto Market Update for November 25, 2024
Crypto Daybook Americas: Starting next Monday, First Mover Americas will transition to Crypto Daybook Americas, providing a new morning briefing on the latest developments in the crypto market. The newsletter will offer insights on overnight market moves and expectations for the day ahead, available every morning at 7 a.m. ET—perfect for starting your day with in-depth crypto analysis.
Latest Prices
- CoinDesk 20 Index: 3,433.47 (+3.11%)
- Bitcoin (BTC): $98,230.02 (+0.33%)
- Ether (ETH): $3,483 (+4.89%)
- S&P 500: 5,969.34 (+0.35%)
- Gold: $2,685.55 (-1.13%)
- Nikkei 225: 38,780.14 (+1.3%)
Market Highlights
Bitcoin’s price rebounded above $98,000 after dipping below $96,000 on Sunday. A pullback had been anticipated, as traders took profits following Bitcoin’s impressive surge toward $100,000 last week. XRP and Dogecoin (DOGE) experienced significant losses, dropping more than 5%, while Ethereum (ETH), Solana (SOL), and Cardano (ADA) saw declines between 2% and 5%. However, these assets also bounced back in the last 24 hours. The CoinDesk 20 Index, a comprehensive measure of the digital asset market, rose by 1.7%, driven by strong performances from smaller altcoins like Avalanche (AVAX) and Chainlink (LINK).
Crypto futures saw substantial volatility, resulting in over $500 million in liquidations, including more than $366 million in long positions and $127 million in short positions, according to Coinglass data. Despite the turbulence, traders remain largely unperturbed by the pullback. Jeff Mei, COO at crypto exchange BTSE, remarked that Bitcoin’s market leadership, fueled by institutional demand driven by ETF investments, remains a strong bullish indicator. He also mentioned that the launch of Ethereum ETFs and potentially Solana ETFs could further drive institutional participation.
MicroStrategy’s Outlook
Brokers Bernstein and Canaccord have both raised their price targets for MicroStrategy while maintaining their positive outlook on the stock. Bernstein’s target was lifted from $290 to $600, while Canaccord raised it from $300 to $510. Bernstein expects MicroStrategy to control 4% of the world’s Bitcoin supply by 2033, up from its current 1.7%. Last month, Michael Saylor’s company announced plans to purchase an additional $42 billion worth of Bitcoin over the next three years. Bernstein analysts, led by Gautam Chhugani, believe the company’s actions align with Bitcoin’s structural bull market, supported by favorable regulation, government backing, and growing institutional adoption.
Chart of the Day: Bitcoin Market Dynamics
The chart illustrates the difference between intraday buying and selling volumes for Bitcoin (BTC). Currently, net buying volume has turned negative, signaling that profit-taking is occurring near Bitcoin’s record highs. This shift may explain Bitcoin’s recent struggles to maintain momentum around the $100,000 mark.
Source: Glassnode
