Crypto Markets on Nov. 12, 2024: Key Developments
Here’s a roundup of the latest movements in the cryptocurrency markets, contextualized for today’s trading.
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%)
Top Stories
Bitcoin Brushes $90K Amid Volatility
Bitcoin briefly neared the $90,000 milestone during European trading hours, swinging between highs above $89,000 and dips below $86,000 due to resistance at the crucial level. It has since stabilized near $87,400, marking a 6% gain in the past 24 hours.
Market turbulence resulted in nearly $900 million in liquidations from crypto-tracked futures, split evenly between long and short positions at approximately $450 million each, according to Coinglass data. Despite its volatility, Bitcoin outperformed the broader crypto market, which rose 3.5% as reflected by the CoinDesk 20 Index.
Ether and Bitcoin ETFs Attract Record Inflows
Ether ETFs recorded unprecedented inflows of $295.5 million on Monday, with BlackRock’s ETHA and Fidelity’s FETH leading the pack by each netting $100 million.
Bitcoin ETFs also posted their second-highest daily inflows at $1.1 billion, boosting BTC’s market cap to $1.78 trillion. This puts Bitcoin ahead of silver, making it the eighth-largest asset globally.
Eric Balchunas, a senior Bloomberg analyst, noted on X that U.S. spot Bitcoin ETFs have reached $84 billion in assets under management, approximately two-thirds of gold ETFs. “They could surpass gold ETFs sooner than anticipated,” Balchunas remarked, revising his initial 3–4 year timeline.
Dogecoin Reclaims the Spotlight
Dogecoin (DOGE) surged past $0.43 during European trading, climbing nearly 50% in the past 24 hours. This marks its highest price since May 2021, when it peaked at $0.71.
DOGE-tracked futures saw liquidations totaling $68 million, the largest for the token this year. Open interest is nearing record levels last seen in April.
The rally has been largely driven by renewed bullish sentiment tied to Elon Musk’s meme-friendly branding during his involvement with the Trump administration. Despite pulling back below $0.40 amid broader market corrections, DOGE remains up more than 30% on the day.
Chart of the Day
A technical analysis of Bitcoin shows it testing a critical trendline resistance formed by the twin peaks of 2021. The cryptocurrency’s movement appears to correlate with the Nasdaq-to-S&P 500 ratio, which has historically served as a reliable indicator for BTC’s trajectory during various market phases.
Source: TradingView
This summary provides a comprehensive look at the day’s key developments, reflecting the ongoing excitement and volatility across crypto markets.
