Crypto Market Overview for November 19, 2024
This article first appeared in First Mover, CoinDesk’s daily newsletter, which provides insights into the latest developments in crypto markets. To receive this analysis daily, subscribe here.
Latest Prices
- CoinDesk 20 Index: 2,975.88 (+1.3%)
- Bitcoin (BTC): $92,456.36 (+2.06%)
- Ether (ETH): $3,144.77 (+2.37%)
- S&P 500: 5,893.62 (+0.39%)
- Gold: $2,636.70 (+0.85%)
- Nikkei 225: 38,414.43 (+0.51%)
Top Stories
Bitcoin (BTC) is trading around $92,000, just 2% below its record high, as the market heads into Tuesday’s U.S. session. Over the past 24 hours, Bitcoin has gained 2%, outpacing the CoinDesk 20 Index’s 1.1% rise. The top altcoins have also seen positive movements, with Chainlink (LINK), Hedera (HBAR), and Uniswap (UNI) leading the charge. Traders are optimistic about broader institutional adoption and reduced regulatory challenges under a potential Trump administration. Crypto hedge fund QCP predicts that Bitcoin will likely target $100,000 in the near future, with gains shifting into altcoins. However, QCP also cautioned that a short-term “blow-off top” — a quick and sharp price drop after rapid gains — remains a risk as market sentiment stays highly speculative.
In related news, options trading for Bitcoin ETFs in the U.S. is set to begin today. BlackRock’s iShares Bitcoin Trust (IBIT) ETF has cleared its final regulatory hurdle, potentially opening the door for more institutional interest in Bitcoin. “This is a monumental shift,” noted 10x Research in their Tuesday update. The launch of Bitcoin options trading could lead to significant volumes, sparking sharp price rallies, the firm predicts. As an example, MicroStrategy (MSTR), which holds the largest corporate Bitcoin treasury, has seen its stock options market surge, with open interest now surpassing the company’s market capitalization. A similar increase in options activity could fuel Bitcoin’s price growth, especially given Bitcoin’s fixed supply.
Bitcoin mining economics have also seen improvement in November, according to JPMorgan analysts. The hashprice, a key metric for miners’ profitability, rose nearly 30% in the first half of the month, boosted by the climbing Bitcoin price. As a result, U.S.-listed mining companies have added approximately $8 billion to their combined market value. These miners now represent about 28% of the global Bitcoin network’s hashrate, maintaining their dominance.
Chart of the Day
The chart below shows the daily active addresses across major blockchain platforms. Solana leads the way, which could signal potential outperformance for the SOL token. Near Protocol follows at a distant second.
Source: Artemis
