Hola folks!
The global crypto community rejoiced as the crypto market registered a remarkable week. The benchmark crypto had a great run, bringing it within touching distance of the $100,000 mark. However, BTC resisted this mythical level and retreated to $96,000 levels over the weekend.
The fact that BTC sustained high price levels, with only a minor correction over the weekend, speaks for the strength of this bull run. Read on to learn more about what is fueling this crypto rally and what is in store for the global crypto market in the coming week.
The cryptocurrency market has had a remarkable week, led by Bitcoin's impressive climb to $99,588, a level previously seen only in speculative forecasts. While the flagship cryptocurrency has since retraced slightly to $96,000, the absence of significant corrections underscores the strength of the market.
Bitcoin dominance now stands at 56.2% of the total crypto market capitalization, which has reached a robust $3.46 trillion, according to CoinGecko. Over the weekend, Bitcoin faced resistance just below $100,000, with spoofing activity—characterized by large ask liquidity walls—emerging to nudge prices lower. Despite this, the resilience shown by BTC/USD signals strong investor confidence.
Over $470 million in crypto positions were liquidated in the last 24 hours, with long liquidations accounting for the lion's share.
Tether, the leading stablecoin issuer, further fueled market activity by minting $3 billion in USDt on November 23 across Ethereum and Tron networks. This brings Tether’s total issuance since November 8 to an astounding $13 billion, highlighting a surge in demand amid Bitcoin’s rally.
Looking ahead, macroeconomic factors such as potential Russian sanctions affecting European gas prices may inject volatility into the market. Coupled with high market exuberance, a short-term dip could provide an entry opportunity for cautious investors.
Meanwhile, bullish sentiment remains bolstered by players like MicroStrategy, which has earmarked $3 billion to accumulate more Bitcoin. Despite potential headwinds, the overall crypto market appears strong, reflecting a maturing ecosystem driven by institutional interest and increasing liquidity. As we approach the year-end, the market’s trajectory will likely depend on Bitcoin’s ability to decisively break the $100,000 barrier and sustain momentum while avoiding over-leveraged risk.
As BTC inches closer to the psychologically important $100,000 milestone, trading volumes have skyrocketed, supported by Tether’s liquidity injection. The broader market has followed suit, with Ethereum rising to $3,497 and major altcoins like XRP, XLM, DOT, and ADA posting gains.
However, meme coins bucked the trend, signaling a potential shift in investor sentiment toward more established assets. With the Fear and Greed Index soaring past 90, the market is undeniably in “extreme greed,” prompting caution against over-leveraged positions as a potential correction looms.
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BTC $98,319 ⏫ 7.15%
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ETH $3,416.73 ⏫ 9.52%
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XLM $0.5406 ⏫ 115.25%
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ADA $1.07 ⏫ 38.40%
(All data here is as of 2.34 p.m., 25 November 2024)
Before we conclude, here’s a quick look at some important news from around the crypto world.
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Options tied to BlackRock’s bitcoin exchange-traded fund IBIT racked up nearly $2 billion in notional exposure on their debut, a feat some analysts term “unheard of” for those metrics. Read more here.
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US President-elect Donald Trump named hedge fund manager Scott Bessent, a crypto enthusiast, as his pick for Treasury Secretary. Read more here.
That’s it for now. Thanks for sticking around.
See you later, folks! 👋
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