Market Update 27th November 2024
By Shikha Singh
Bitcoin (BTC) has stabilized around $93,000 after experiencing a downturn in recent days. The primary cryptocurrency saw its price drop from nearly $100,000 on November 22 to approximately $90,700 on November 26. However, in the last 24 hours, bulls have managed to recover some of the losses, pushing BTC’s price back above $93,000.
This recovery comes despite the sharp pullback, which coincided with bullish news like MicroStrategy’s record purchase of 55,500 BTC (worth around $5.4 billion). The question now is whether Bitcoin will make another attempt at reaching the psychological $100K mark or if the correction will continue for a bit longer.
As of now, Bitcoin’s market cap has fallen to $1.85 trillion, though its dominance over altcoins remains strong at over 57%.
Meanwhile, many altcoins have experienced a positive day. Stellar (XLM) has surged by 8%, reclaiming the $0.50 mark. Avalanche (AVAX) and Cardano (ADA) have gained 6% and 4%, respectively. Ripple’s XRP is also up by 2%, marking a 180% increase over the last month, fueled by developments such as Donald Trump’s win in the US presidential elections and SEC Chairman Gary Gensler’s announcement to step down in January.
Other altcoins, including Ethereum (ETH), Tron (TRX), Polkadot (DOT), Shiba Inu (SHIB), and Litecoin (LTC), have seen modest gains as well. The total cryptocurrency market capitalization is currently at $3.36 trillion, reflecting a 1% decline from November 26.
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