Crypto Market Update – November 25, 2024
Crypto Daybook Americas Launches Monday:
Next week marks the debut of Crypto Daybook Americas, an upgraded version of First Mover Americas. Set to publish every morning at 7 a.m. ET, it will offer essential updates on the latest developments in the crypto market. The new format aims to provide readers with in-depth insights into overnight market trends and a preview of the upcoming day, ensuring you stay informed and ahead of the curve.
Market Snapshot
- 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%)
Key Developments
Bitcoin bounced back above $98,000 after dipping below $96,000 on Sunday. The dip came as part of an expected profit-taking phase after last week’s strong rally that brought Bitcoin close to the $100,000 mark. XRP and Dogecoin led the losses, both falling more than 5%. Ethereum (ETH), Solana (SOL), and Cardano (ADA) also recorded losses ranging from 2% to 5%. However, the market saw a recovery over the last 24 hours, with the CoinDesk 20 Index climbing by 1.7%, fueled by gains in smaller altcoins like Avalanche (AVAX) and Chainlink (LINK).
The futures market saw a substantial amount of liquidations, with more than $500 million in long and short positions wiped out. This included over $366 million in long positions and $127 million in shorts, as recorded by Coinglass data. Despite this volatility, market participants remain optimistic. Jeff Mei, COO of BTSE exchange, pointed to institutional demand, particularly driven by Bitcoin ETFs, and expects Ethereum and Solana ETFs to follow suit, further boosting crypto market confidence.
MicroStrategy’s Growing Bitcoin Holdings
On the corporate front, both Bernstein and Canaccord raised their price targets for MicroStrategy, continuing their positive outlook on the company. Bernstein now has a target of $600, up from $290, while Canaccord raised its price target to $510 from $300. Bernstein forecasts that MicroStrategy will control 4% of the world’s Bitcoin supply by 2033, up from the current 1.7%. The company, led by Michael Saylor, announced plans to purchase an additional $42 billion in Bitcoin over the next three years. Analysts cite supportive regulations and institutional adoption as key factors fueling Bitcoin’s long-term growth.
Chart Analysis: Bitcoin’s Market Momentum
A key chart today reveals the shift in Bitcoin’s market activity, with a negative net buying volume suggesting that profit-taking is starting to outweigh new buying interest. This may help explain Bitcoin’s difficulty in maintaining levels above $100,000 in the current market environment.
Source: Glassnode
