Crypto Market Update: November 27, 2024
New Morning Briefing Coming Soon: Starting next Monday, First Mover Americas will rebrand as Crypto Daybook Americas, your new go-to morning briefing for all the latest in crypto markets. Expect fresh insights into overnight price movements and forecasts for the day ahead. Don’t miss out—publishing daily at 7 a.m. ET!
Market Overview:
- CoinDesk 20 Index: 3,278.83 (+4.32%)
- Bitcoin (BTC): $93,338.67 (+1.05%)
- Ether (ETH): $3,462.51 (+3.99%)
- S&P 500: 6,021.63 (+0.57%)
- Gold: $2,652.77 (+1.2%)
- Nikkei 225: 38,134.97 (-0.8%)
Top Stories:
Bitcoin (BTC) has bounced back after dropping below $91,000, climbing back to over $93,800, a 1.8% gain in the past 24 hours. However, Bitcoin ETFs faced their second day of consecutive outflows on Tuesday, losing about $123 million—down significantly from Monday’s $440 million outflow. Despite Bitcoin’s bounce, it continues to underperform relative to the broader market, as shown by the CoinDesk 20 Index, which has risen by more than 4.8%. Meanwhile, altcoins such as XRP, ADA, and AVAX surged with double-digit percentage increases.
Ether (ETH) is seeing a continued price surge, gaining 4.6% and moving closer to the $3,500 level. The ETH-BTC ratio is also climbing, now above 0.037, reflecting a 10% increase in the past week. U.S. spot Ether ETFs have registered net inflows this week, in contrast to the outflows in Bitcoin ETFs. Additionally, Ether options activity on Deribit is booming, with open interest surpassing 2 million contracts for the first time since June, totaling $7.33 billion in notional terms.
Ether futures are also attracting a lot of attention, with cumulative open interest in perpetual and standard futures contracts reaching 6.32 million ETH—valued at more than $27 billion—marking a 17% gain so far this month. The premium between three-month ETH futures and spot prices has expanded to an annualized 16%, sparking interest in cash-and-carry trades, a strategy used to capitalize on this price difference.
Chart of the Day:
The crypto rally is broadening beyond Bitcoin. Nearly 90% of altcoins on Binance are currently trading above their 50-day simple moving averages (SMAs), while over 70% have moved above their 200-day SMAs, signaling continued strength across the market.
Source: Capriole Investments
