Crypto Market Recap for November 22, 2024
As we approach the end of the week, the crypto markets have seen significant movements, particularly with Bitcoin (BTC) nearing the $100,000 mark. Here’s an overview of the latest price shifts and trends:
Latest Prices
- CoinDesk 20 Index: 3,273.75 (+7.19%)
- Bitcoin (BTC): $98,833.89 (+1.06%)
- Ether (ETH): $3,356.95 (+1.95%)
- S&P 500: 5,948.71 (+0.53%)
- Gold: $2,707.27 (+1.42%)
- Nikkei 225: 38,283.85 (+0.68%)
Top Stories
Bitcoin Approaches $100K
Bitcoin has once again captured market attention as it nears the coveted $100,000 level. After briefly touching $99,500 on Thursday, it dipped slightly below $99,000 during U.S. market hours. In the last 24 hours, Bitcoin has seen a modest 1% increase, contributing to the broader rally in the cryptocurrency market. Notably, the CoinDesk 20 Index gained more than 7%, with most altcoins outperforming BTC. This shift signals a rotation of capital into smaller, higher-risk tokens, as Bitcoin’s momentum begins to stall.
The $100,000 threshold represents a major resistance level, potentially encouraging profit-taking among investors. Despite this, some analysts predict a further BTC rally to $115,000 by the end of the year. The rise could be fueled by an increase in stablecoin supply, the launch of Bitcoin exchange-traded funds (ETFs), and bullish sentiment around BlackRock’s spot Bitcoin ETF (IBIT).
Altcoins See Momentum as Regulatory Shifts Loom
Altcoins have taken the spotlight, driven by the anticipation of a more crypto-friendly regulatory environment. With Gary Gensler‘s exit from the U.S. Securities and Exchange Commission (SEC) scheduled for January 20, 2025, many in the industry expect that the new SEC leadership under President-elect Donald Trump will adopt a more favorable stance on crypto regulation. This change is seen as a green light for smaller tokens and staking opportunities in ETFs.
XRP led the altcoin rally, surging by 33% in just 24 hours, while Cardano (ADA) climbed 15%. Meanwhile, Solana (SOL) reached a new all-time high of over $260, surpassing its 2021 market peaks.
Traditional Financial Institutions Eye Crypto
In a sign that U.S. institutions are embracing the crypto space, Charles Schwab, a major financial services firm, announced plans to offer crypto directly to its users. Incoming CEO Rick Wurster expressed confidence that the regulatory environment will soon be favorable for such services, marking a significant milestone for digital assets in the mainstream financial sector.
Additionally, Bitwise, a digital asset manager, has joined the race to launch a U.S.-based spot Solana ETF, further signaling increasing institutional interest in crypto assets.
Chart of the Day: Surge in DEX Trading Volumes
There has been a surge in decentralized exchange (DEX) activity, driven by anticipation of more favorable regulatory conditions under the upcoming Trump administration. DEX trading volumes hit a record $72.6 billion last week, with Raydium, a Solana-based DEX, accounting for 44% of the total volume, according to Artemis data.
These market shifts, particularly Bitcoin’s approach to $100,000 and the momentum in altcoins, highlight the evolving landscape for digital assets. With regulatory changes on the horizon and increasing institutional participation, the crypto market is primed for further growth.
