Crypto Market Highlights: November 21, 2024
Key Indicators
- CoinDesk 20 Index: 3,048.35 (+2.24%)
- Bitcoin (BTC): $97,988.32 (+4.55%)
- Ether (ETH): $3,284.40 (+6.06%)
- Gold: $2,664.88 (+0.56%)
- S&P 500: 5,917.11 (flat)
- Nikkei 225: 38,026.17 (-0.85%)
Bitcoin Closes in on $100K
Bitcoin continues its meteoric rise, nearing the $100,000 threshold with a 40% price increase in just two weeks. Propelled by a favorable macroeconomic climate and heightened optimism around regulatory support under Donald Trump’s administration, BTC has set its sights on a market cap exceeding $2 trillion.
Still, traders are watching for potential turbulence at this round-number milestone. “Crossing $100K is a strong psychological level where we could see some retracement as profit-taking begins,” said Bitget CEO Gracy Chen.
Equities Ride Crypto Momentum
- MicroStrategy (MSTR) surged 11% pre-market to $520, reflecting its growing Bitcoin treasury’s value.
- MARA Holdings (MARA) and Semler Scientific (SMLR) posted double-digit gains as the market remains bullish on Bitcoin-focused firms.
Chillguy Meme Token Drama
The Solana-based Chillguy token, inspired by a viral meme, faced a sharp downturn after its creator, Phillip Banks, announced legal actions against unauthorized profit-making uses of his intellectual property. The token, which reached a $500 million valuation this week, saw a sharp selloff amid the legal uncertainty.
Memecoin Interest Hits Peak
Google Trends highlights a dramatic rise in searches for “memecoins,” signaling intense retail interest. Analysts warn that while retail-driven rallies can yield short-term profits, they often invite heightened volatility and speculative risks.
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