Crypto Market Update – November 19, 2024
This article is part of First Mover, CoinDesk’s daily newsletter, offering insights into the latest cryptocurrency market trends. Subscribe to get this delivered directly to your inbox each day.
Latest Prices:
- CoinDesk 20 Index: 2,975.88 (+1.3%)
- Bitcoin (BTC): $92,456.36 (+2.06%)
- Ether (ETH): $3,144.77 (+2.37%)
- S&P 500: 5,893.62 (+0.39%)
- Gold: $2,636.70 (+0.85%)
- Nikkei 225: 38,414.43 (+0.51%)
Top Stories
Bitcoin (BTC) has climbed to approximately $92,000, just shy of its historical peak, reflecting a 2% increase in the last 24 hours. This performance outpaces the broader market as indicated by the CoinDesk 20 Index, which saw a more modest rise of 1.1%. Leading altcoins like Chainlink (LINK), Hedera (HBAR), and Uniswap (UNI) are experiencing strong growth, with many traders betting on increased institutional participation and fewer regulatory hurdles under a potential Trump administration. Crypto hedge fund QCP forecasts that Bitcoin could reach $100,000 in the near term, triggering a shift toward altcoins as traders reallocate profits. However, some analysts, including Augustine Fan from SOFA, caution that the market may experience a sudden downturn after a rapid rise, given the current volatility.
A major development in the crypto space is the anticipated launch of Bitcoin ETF options trading in the U.S. With BlackRock’s iShares Bitcoin Trust (IBIT) ETF clearing its final regulatory hurdle, this marks a key moment for institutional investors. According to 10x Research, Bitcoin ETF options could usher in massive trading volumes, pushing Bitcoin’s price even higher. A similar surge in open interest and trading volume was seen in MicroStrategy (MSTR) options, whose activity has outpaced the company’s overall market cap. Bitcoin’s limited supply could further enhance the price impact as institutional demand grows.
In terms of mining, Bitcoin’s profitability has risen sharply in November, with the hashprice—an indicator of miner earnings—surging by nearly 30% during the first two weeks of the month. This boost is tied to the price rally and has added about $8 billion to the market capitalization of U.S.-listed miners. These companies now represent about 28% of the global Bitcoin network hashrate, maintaining their record share.
Chart of the Day
The chart shows daily active addresses across major blockchains. Solana (SOL) leads in terms of activity, reinforcing the potential for SOL to outperform other blockchain projects. Near Protocol lags behind, showing Solana’s continued strength in the crypto ecosystem.
Source: Artemis
