Crypto Market Digest: Nov. 12, 2024
A snapshot of today’s biggest movers and market trends shaping the crypto landscape.
Market at a Glance
- 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 Headlines
Bitcoin Pushes Toward $90K in Frenzied Trading
Bitcoin surged to just shy of $90,000 in the European morning before retreating to a steady $87,400. The leading cryptocurrency has gained over 6% in the past 24 hours, leading the broader crypto market, which is up by 3.5%, as tracked by the CoinDesk 20 Index.
Volatility was intense, with Coinglass reporting $900 million in liquidations split between bulls and bears. The price action reflects Bitcoin’s dominance amid surging institutional and retail interest, even as it struggles to break the $90K barrier.
Ethereum and Bitcoin ETFs Continue to Break Records
Ethereum ETFs saw unprecedented inflows of $295.5 million on Monday, with BlackRock’s ETHA and Fidelity’s FETH leading the charge.
Meanwhile, Bitcoin ETFs pulled in $1.1 billion, marking their second-largest single-day inflow ever. This pushed Bitcoin’s market cap to $1.78 trillion, surpassing silver to become the world’s eighth-largest asset.
Eric Balchunas of Bloomberg highlighted Bitcoin ETF growth, now holding $84 billion in assets. “This pace of growth is astonishing—Bitcoin ETFs could overtake gold ETFs far earlier than anticipated,” he remarked.
Dogecoin Explodes to $0.43, Fueled by Musk Mania
Dogecoin (DOGE) climbed to $0.43 during European trading hours, hitting its highest level since May 2021’s record $0.71. The memecoin has gained 50% in the past day, driven by retail enthusiasm and Elon Musk’s consistent endorsements.
DOGE futures recorded $68 million in liquidations, the largest for the token in 2024, as open interest approached historic highs from earlier this year. Although DOGE has retraced to below $0.40, it remains up 30% on the day.
Market Insights
Bitcoin is testing a key resistance formed by its 2021 twin-peak trendline. Its movement aligns with the Nasdaq-to-S&P 500 ratio, an established indicator of tech-driven risk appetite. With growing tech market optimism, Bitcoin’s alignment with these macro trends is becoming increasingly evident.
Source: TradingView
Today’s developments underline the diverse forces propelling the crypto market, from institutional investments to meme-fueled rallies, highlighting the ecosystem’s continued evolution.
