Market Update 19th November 2024
By Shikha Singh
Bitcoin (BTC) has remained resilient around the $91,000 to $92,000 range, despite a brief surge toward $94,000 last week.
Bitcoin’s market dominance is still significant, standing at 56.5%, and its market cap remains above $1.8 trillion.
Bitcoin is currently trading at $91,793, up 0.20% in the last 24 hours.
Additionally, in another significant update, MicroStrategy’s (MSTR) stock surged 13% to a record high after the company revealed it had acquired $4.6 billion in Bitcoin and planned to raise $1.75 billion for more.
The stock has gained over 500% in 2024, outperforming many S&P 500 stocks, including Microsoft (MSFT) at 11%.
MicroStrategy’s Bitcoin holdings, totaling 331,200 BTC at an average price of $88,627, are now worth around $13.7 billion in unrealized profits, benefiting from Michael Saylor’s big bet on Bitcoin.
In the broader crypto market, major altcoins have been struggling. Ethereum (ETH), Solana (SOL), and Binance Coin (BNB) have seen minor losses, while other altcoins like XRP, ADA, and PEPE have dropped by up to 7.5%.
However, Hedera (HBAR) has emerged as a standout performer, surging by over 44% to $0.14, making it one of the top gainers in the past 24 hours.
The global crypto market cap stands at $3.08 trillion, with Bitcoin maintaining its dominant position. Bitcoin ETF inflows have continued to rise, reaching $1.67 billion over the past week, reflecting growing institutional interest in Bitcoin.
Ethereum-based ETFs also saw notable inflows of $646 million. Additionally, Mercado Bitcoin launched the MBRL stablecoin on the TRON blockchain, aiming to facilitate stable transactions in Brazil’s currency.
Overall, while Bitcoin’s price remains relatively stable, altcoins are facing more volatility, with some, like HBAR, showing strong gains amid a generally bearish sentiment.
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