Crypto Market Update: November 13, 2024
Key Price Movements
- CoinDesk 20 Index: 2,598.80 (-1.86%)
- Bitcoin (BTC): $87,804.73 (-0.04%)
- Ether (ETH): $3,166.56 (-3.78%)
- S&P 500: 5,983.99 (-0.29%)
- Gold: $2,611.13 (unchanged)
- Nikkei 225: 38,721.66 (-1.66%)
Bitcoin Faces $90K Resistance as Profit-Taking Sets In
Bitcoin’s bullish rally met resistance at $90,000 on Tuesday, causing a slight pullback. After reaching a high of $90,100 on Coinbase, BTC retraced to $86,200 during European trading hours. As of writing, it has recovered to about $87,500, marking a 2.65% decline from its earlier high.
The broader altcoin market was not spared, with Ethereum (ETH) dropping 3.6% and Solana (SOL) falling 2.8%. Overall, the CoinDesk 20 Index saw a loss of 1.4%, signaling a correction in crypto prices.
Inflation Data Looms Large
Today’s U.S. inflation report is expected to show a 2.6% year-over-year increase for October, following a 2.4% rise in September. The report will be released at 8:30 a.m. ET. With inflation data having historically impacted Bitcoin, there is a heightened sense of caution in the market.
Bitcoin experienced major volatility during past inflation data releases, including a sharp 7.5% drop in January following a higher-than-expected inflation report. The upcoming data could influence market sentiment and either support or undermine Bitcoin’s current price action.
Trump’s DOGE Department Sparks Meme Coin Mania
In an unexpected twist, President-elect Donald Trump has confirmed plans to launch a Department of Government Efficiency (DOGE), co-led by Elon Musk and Vivek Ramaswamy. This move has sent shockwaves through the market, especially among meme coin enthusiasts.
Dogecoin (DOGE) has surged nearly 250% in the past month, reaching levels not seen since 2021. Investors are now eyeing the $1 price mark as the next target. This growth reflects the increasing speculative interest in memecoins and their continued role in the broader cryptocurrency narrative.
Stablecoins Signal Bullish Liquidity
Data from Glassnode shows a significant increase in the daily issuance of Tether (USDT), a widely used stablecoin. This surge in liquidity suggests that the bulls are preparing for a potential market rally, with more capital flowing into the market in anticipation of higher prices.
What’s Next for Crypto Markets?
With Bitcoin encountering resistance near $90,000 and the possibility of inflation-induced volatility, traders are watching closely for signs of the next big move. Meanwhile, the meme-fueled rise of Dogecoin continues to capture investor attention, further illustrating the unpredictable nature of cryptocurrency markets.
