Market Update 21st November 2024
By Shikha Singh
Bitcoin soared past the $98,000 milestone on Thursday, setting a new all-time high as markets priced in bullish sentiment tied to a potential second Donald Trump presidency. The flagship cryptocurrency briefly touched $98,367 before retracing slightly, trading 3% higher at $97,930, according to Coin Metrics.
The rally also ignited gains in crypto-related stocks. Coinbase jumped 3% in premarket trading, while MicroStrategy, often viewed as a Bitcoin proxy due to its significant holdings, surged 11%. Mining stocks followed suit, with Marathon Digital Holdings climbing 9%.
Bitcoin’s bullish breakout unleashed a cascade of short liquidations, with over $88 million wiped out in the last 24 hours, according to CoinGlass. This wave of forced buying added further momentum to the price surge overnight.
Meanwhile, Bitcoin futures are trading at a notable premium, underscoring investor confidence in sustained upward momentum. On Deribit, BTC futures expiring in March 2024 surpassed the $100,000 mark, trading at $101,992—nearly 5% higher than the global spot price of $97,200. Futures contracts expiring in June and September pushed even higher, hitting $104,948 and $107,690, respectively, reflecting a steep upward-sloping futures curve.
This price action marks a watershed moment for Bitcoin, solidifying its status as a leading asset amid renewed optimism around favorable U.S. policies and growing institutional interest. All eyes are now focused on Bitcoin’s next psychological milestone: $100,000, as futures signal the potential for continued growth.
The broader crypto market remains electrified, with investors closely monitoring these developments as Bitcoin paves the way for a potentially transformative period in digital asset history.
Bitcoin dominance continues to increase, hitting 61.5% on Nov. 21, its highest level since March 2021. This has also pushed the total crypto market cap to an all-time high of $3.28 trillion.
Simultaneously, Ethereum continues to deteriorate, maintaining a flat price throughout the day and trading at $3,100. The ETH/BTC ratio is also at its lowest for three and a half years.
The majority of the altcoins are also in the red today as Bitcoin continues to eat away at their market shares. There were larger losses for Dogecoin (DOGE), Shiba Inu (SHIB), Sui (SUI), and most of the meme coins as altseason hopes dwindled. However, most have now managed to recover a significant portion of their recent losses.
You need to login in order to Like
