First Mover Americas: Bitcoin Recovers Toward $94K

Crypto Market Recap: November 27, 2024

Big News: Starting next Monday, First Mover Americas will be rebranded as Crypto Daybook Americas. This new morning briefing will provide you with key updates on overnight crypto market activity and expert insights into what to expect in the coming day. Tune in at 7 a.m. ET for the latest trends and developments that matter most!

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%)

Key Highlights:

Bitcoin (BTC) showed a notable recovery after dipping below $91,000 earlier this week. The cryptocurrency climbed back to over $93,800, reflecting a 1.8% gain in the past 24 hours. However, Bitcoin ETFs experienced a second consecutive day of outflows, losing approximately $123 million on Tuesday, a significant drop from Monday’s $440 million outflows. Bitcoin is still underperforming compared to the broader digital asset market, with the CoinDesk 20 Index up by more than 4.8%. Altcoins such as XRP, ADA, and AVAX have posted impressive double-digit gains.

Ether (ETH) continued its upward trajectory, gaining 4.6% in the last 24 hours and approaching the $3,500 mark. The ETH-BTC trading pair is showing a strong uptick, rising more than 10% over the past week to stand just above 0.037. U.S. spot ether ETFs have experienced net inflows over the past two days, in stark contrast to Bitcoin ETFs, which have seen outflows. Meanwhile, the ether options market on Deribit is experiencing a surge in activity, with over 2 million contracts now active—the highest volume since late June. In notional terms, the open interest is valued at $7.33 billion, according to Deribit Metrics.

Ether traders are also flocking to derivatives, with cumulative open interest in ether futures contracts reaching a record 6.32 million ETH, valued at over $27 billion, marking a 17% increase this month, according to CoinGlass data. Notably, the price gap between three-month ETH futures and spot ETH prices has widened to an annualized 16%, indicating a growing interest in cash and carry trades to profit from the price difference between the two markets.

Chart of the Day:

The broader market has mirrored Bitcoin’s recent rally, with nearly 90% of altcoins listed on Binance now trading above their respective 50-day simple moving averages (SMA). Additionally, more than 70% of altcoins are now above their 200-day SMA, suggesting that the crypto market’s positive momentum is widespread.
Source: Capriole Investments