Bitcoin Climbs Back to $98K After Weekend Drop, As Noted by First Mover Americas

Crypto Market Recap – November 25, 2024

Crypto Daybook Americas Launching Next Monday:
Starting next week, First Mover Americas will evolve into Crypto Daybook Americas, your essential morning briefing that delivers key updates from the crypto markets. Available at 7 a.m. ET daily, it will offer comprehensive insights on overnight market movements and provide forecasts for the trading day ahead. This will be a must-read for crypto enthusiasts and traders alike.

Latest Prices

• CoinDesk 20 Index: 3,433.47 (+3.11%)
• Bitcoin (BTC): $98,230.02 (+0.33%)
• Ether (ETH): $3,483 (+4.89%)
• S&P 500: 5,969.34 (+0.35%)
• Gold: $2,685.55 (-1.13%)
• Nikkei 225: 38,780.14 (+1.3%)

Market Update

Bitcoin regained its footing above $98,000 after briefly dipping below $96,000 on Sunday, following an expected pullback after last week’s near $100,000 highs. XRP and Dogecoin (DOGE) were among the hardest-hit, dropping over 5%, while Ethereum (ETH), Solana (SOL), and Cardano (ADA) saw smaller losses ranging from 2% to 5%. However, many of these assets made a recovery in the past 24 hours. The CoinDesk 20 Index gained 1.7%, driven by strong performances from smaller altcoins such as Avalanche (AVAX) and Chainlink (LINK).

In crypto futures markets, volatility led to over $500 million in liquidations, with $366 million in long positions and $127 million in short positions wiped out, according to Coinglass data. Despite this, traders are not overly concerned by the pullback. Jeff Mei, COO of crypto exchange BTSE, believes Bitcoin’s dominance is likely to continue, with institutional demand driven by ETF adoption. He also pointed out that Ethereum and Solana ETFs could further attract institutional investment.

MicroStrategy’s Outlook

Both Bernstein and Canaccord raised their price targets for MicroStrategy, reflecting growing optimism in the company’s future. Bernstein lifted its target from $290 to $600, while Canaccord revised it upward to $510 from $300. Bernstein forecasts that MicroStrategy will own 4% of the global Bitcoin supply by 2033, up from its current 1.7%. Michael Saylor’s company has announced plans to purchase an additional $42 billion worth of Bitcoin over the next three years, fueling optimism about the company’s role in the broader market. Analysts at Bernstein attribute this move to a supportive regulatory environment and the growing institutional adoption of Bitcoin.

Chart of the Day: Bitcoin’s Market Sentiment

The chart below reveals a shift in the buying and selling volume for Bitcoin (BTC), with net buying volume turning negative as traders appear to be taking profits near record highs. This dynamic may explain Bitcoin’s struggle to maintain momentum around the $100,000 mark.

Source: Glassnode