Crypto Market Update: November 21, 2024
Price Highlights
- CoinDesk 20 Index: 3,048.35 (+2.24%)
- Bitcoin (BTC): $97,988.32 (+4.55%)
- Ether (ETH): $3,284.40 (+6.06%)
- Gold: $2,664.88 (+0.56%)
- S&P 500: 5,917.11 (unchanged)
- Nikkei 225: 38,026.17 (-0.85%)
Key Developments
Bitcoin is approaching the $100,000 milestone, continuing its impressive rally since Donald Trump’s U.S. presidential victory. BTC’s 4.5% gain in the past 24 hours outpaced broader crypto indices, with altcoins like Ether (ETH), Chainlink (LINK), and Uniswap (UNI) also surging. Futures contracts on Deribit maturing in 2025 are already trading above $100K, signaling bullish market expectations.
However, analysts caution that the $100K level represents a key psychological barrier. Gracy Chen, CEO at Bitget, suggests a pullback is likely once this level is tested, as investors may reassess their positions following the recent 40% rally.
Market Movements in Crypto-Related Equities
- MicroStrategy (MSTR): Pre-market shares jumped 11% to $520, buoyed by its status as the largest corporate holder of bitcoin.
- MARA Holdings: Gained 10% in pre-market trading.
- Semler Scientific (SMLR): Surged 24%.
- Defiance 2X Long MicroStrategy ETF: Leveraged options on this ETF saw a spike in activity, signaling extreme bullish sentiment.
Meme Mania
The Chillguy meme has sparked controversy amid its rise as a viral token. Phillip Banks, the meme’s creator, threatened legal action against profit-driven projects using his copyrighted character. The Solana-based CHILLGUY token hit a $500 million market cap before plummeting as legal risks emerged and holders cashed out.
Chart of the Day
Google Trends shows a sharp rise in searches for “memecoins,” hitting a peak score of 100 — indicating the highest level of interest in five years. This trend reflects growing retail investor enthusiasm, a potential driver of further volatility in the meme token market.
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