Crypto Market Wrap: Nov. 12, 2024
A comprehensive look at today’s crypto market action and the driving forces behind the latest price moves.
Market Overview
- CoinDesk 20 Index: 2,645.58 (+3.37%)
- Bitcoin (BTC): $87,452.37 (+6.46%)
- Ether (ETH): $3,289.79 (+2.79%)
- S&P 500: 6,001.35 (+0.1%)
- Gold: $2,603.09 (-0.31%)
- Nikkei 225: 39,376.09 (-0.40%)
Key Developments
Bitcoin Climbs Toward $90K Amid Wild Swings
Bitcoin surged to just above $89,000 during early European trading but faced strong resistance, dipping below $86,000 before stabilizing near $87,400. The cryptocurrency has gained 6% in the past 24 hours, showcasing its dominance over the broader market, which rose by 3.5% per the CoinDesk 20 Index.
Market turbulence resulted in $900 million in liquidations, split evenly between longs and shorts, according to Coinglass data. The rally reflects heightened trading activity and continued interest from institutional and retail investors alike.
Ethereum and Bitcoin ETFs Reach New Heights
Ethereum ETFs saw historic inflows of $295.5 million on Monday, with BlackRock’s ETHA and Fidelity’s FETH leading the charge, each pulling in $100 million.
Meanwhile, Bitcoin ETFs saw their second-largest single-day inflows, totaling $1.1 billion. BTC’s market cap hit $1.78 trillion, overtaking silver as the eighth-largest global asset.
Bloomberg analyst Eric Balchunas highlighted the growing momentum of Bitcoin ETFs, now managing $84 billion in assets. “It’s incredible to see Bitcoin ETFs potentially surpass gold ETFs within their first year,” he said on X.
Dogecoin Rockets to $0.43, Highest Since 2021
Dogecoin (DOGE) spiked to $0.43 in European trading, its highest level since its record $0.71 peak in May 2021. The memecoin has surged 50% in the past day, driven by renewed retail enthusiasm and Elon Musk’s continued endorsements.
DOGE futures saw $68 million in liquidations—the highest for the token in 2024—as open interest reached levels not seen since April. While DOGE has since pulled back below $0.40, it remains over 30% higher on the day, reflecting robust demand.
Chart Analysis
Bitcoin is currently testing a significant trendline formed by its 2021 twin peaks. This movement aligns closely with the Nasdaq-to-S&P 500 ratio, a historical indicator of Bitcoin’s direction. As optimism around tech stocks grows, Bitcoin appears to be following the broader trend.
Source: TradingView
Today’s market movements underscore the strength of crypto’s resurgence, from institutional inflows to meme-driven spikes, setting the stage for further developments in the weeks ahead.
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