Crypto Market Update: November 27, 2024

New Morning Briefing Alert: Starting next Monday, First Mover Americas will rebrand as Crypto Daybook Americas. This revamped briefing will provide you with a concise, insightful look at overnight developments and a preview of what to expect in the crypto markets for the day. Tune in at 7 a.m. ET for your daily crypto insights!

Market Overview:

• CoinDesk 20 Index: 3,278.83 (+4.32%)
• Bitcoin (BTC): $93,338.67 (+1.05%)
• Ether (ETH): $3,462.51 (+3.99%)
• S&P 500: 6,021.63 (+0.57%)
• Gold: $2,652.77 (+1.2%)
• Nikkei 225: 38,134.97 (-0.8%)

Top Stories:

Bitcoin (BTC) managed to recover from its brief slump below $91,000 and is now trading at around $93,800, marking a 1.8% increase in the last 24 hours. However, Bitcoin ETFs faced their second consecutive day of outflows on Tuesday, with approximately $123 million in redemptions. While this represents a sharp drop from Monday’s outflows of nearly $440 million, Bitcoin’s recent performance still lags behind the broader market, as evidenced by the CoinDesk 20 Index, which is up by 4.8%. Altcoins like XRP, ADA, and AVAX have been the major beneficiaries of this rally, each seeing double-digit gains.

Ether (ETH) continued its positive momentum, rising 4.6% over the past 24 hours and approaching the $3,500 mark. The ETH-BTC ratio has also been on the rise, up more than 10% this week and sitting at just above 0.037. In a strong showing for Ether, U.S. spot Ether ETFs recorded net inflows, contrasting with the outflows seen in Bitcoin ETFs. Additionally, there’s been a significant uptick in Ether options trading, with open interest on Deribit reaching 2 million contracts, the highest since June. In notional terms, open interest is valued at $7.33 billion.

The growing popularity of Ether futures is also notable. Cumulative open interest in both perpetual and standard futures has surged to a new high of 6.32 million ETH, worth over $27 billion, marking a 17% rise in the past month. The spread between the three-month ETH futures and spot prices has widened to an annualized 16%, fueling interest in cash-and-carry trades to capitalize on the price differential.

Chart of the Day:

The broader crypto market is mirroring Bitcoin’s recent recovery. Nearly 90% of altcoins listed on Binance are trading above their respective 50-day simple moving averages (SMAs), while more than 70% of altcoins are above their 200-day SMAs. This widespread strength in altcoins signals that the bullish sentiment is not confined to Bitcoin alone.
Source: Capriole Investments