First Mover Americas: Bitcoin Tests $90K in a High-Volatility Trading Day

Crypto Market Highlights: Nov. 12, 2024

Here’s an overview of the latest trends and movements shaping today’s crypto landscape.

Market Snapshot

• CoinDesk 20 Index: 2,645.58 (+3.37%)
• Bitcoin (BTC): $87,452.37 (+6.46%)
• Ether (ETH): $3,289.79 (+2.79%)
• S&P 500: 6,001.35 (+0.1%)
• Gold: $2,603.09 (-0.31%)
• Nikkei 225: 39,376.09 (-0.40%)

Key Stories

Bitcoin Teases $90K in Volatile Market Moves

Bitcoin briefly touched levels just shy of $90,000 during European morning trading, experiencing dramatic fluctuations between $89,000 and $86,000 due to heavy resistance. It currently trades at around $87,400, reflecting a strong 6% gain over the past 24 hours.

Market volatility triggered $900 million in liquidations from crypto futures, evenly divided between bullish and bearish positions, according to Coinglass. Despite the choppy action, Bitcoin leads the broader market, which has posted a 3.5% rise based on the CoinDesk 20 Index.

Record ETF Inflows Highlight Institutional Interest

Ethereum-focused ETFs saw an all-time high of $295.5 million in inflows, with BlackRock’s ETHA and Fidelity’s FETH each securing $100 million.

Meanwhile, Bitcoin ETFs reported their second-largest single-day inflows of $1.1 billion. This pushed BTC’s market cap to $1.78 trillion, surpassing silver to become the eighth-largest asset globally.

Eric Balchunas of Bloomberg noted that Bitcoin ETF assets now total $84 billion, equivalent to two-thirds of gold ETFs’ holdings. “We may see Bitcoin ETFs overtake gold ETFs far sooner than anticipated,” he commented, revising earlier estimates of a 3–4 year timeline.

Dogecoin Rockets to Multi-Year Highs

Dogecoin (DOGE) surged above $0.43 during the European trading session, marking a 50% rise in the past 24 hours. This represents the memecoin’s highest level since its record $0.71 peak in May 2021.

DOGE futures liquidations reached $68 million, the largest for the token in 2024. Open interest is now nearing historic highs last observed in April.

The rally has been fueled by optimism tied to Elon Musk’s playful promotion of the token in the political arena, sparking renewed retail interest. DOGE has since retreated below $0.40 but remains over 30% higher on the day.

Chart of the Day

Bitcoin is testing a critical resistance level defined by the 2021 twin-peak trendline. Its movements mirror shifts in the Nasdaq-to-S&P 500 ratio, which historically acts as a bellwether for tech sentiment. The alignment suggests Bitcoin’s trajectory may continue to follow broader tech market trends.

Source: TradingView

This analysis captures the energy and movement driving the crypto market, from institutional inflows to meme-driven surges.