Market Update 20th November 2024
By Shikha Singh
Bitcoin (BTC) has broken its all-time high once again, soaring to nearly $94,000, pushing its market capitalization to an impressive $1.85 trillion, making it the seventh-largest asset globally.
This recent surge comes just days after the U.S. presidential election on November 5, where Bitcoin rallied from around $68,000 to $75,000 and continued to climb throughout the month, peaking at $93,477 last Wednesday.
After a brief consolidation phase, including a dip below $87,000, Bitcoin surged again to chart a new record high of $93,977.
Bitcoin is currently trading at $92,584, up 0.78% in the last 24 hours.
A combination of factors, including increased institutional interest and the continued significant Bitcoin purchases by MicroStrategy and other firms, have driven this rally.
The introduction of options trading on spot Bitcoin ETFs by Wall Street has also fueled this upward momentum, increasing Bitcoin’s exposure among financial institutions and retail investors alike.
The launch of options on the spot Bitcoin ETF, particularly BlackRock’s IBIT, has seen strong demand, signaling robust market interest in the asset’s continued growth.
With more than $70 million in short liquidations in the past 24 hours and a total of nearly $300 million in wrecked positions, the market is seeing heightened volatility but also significant investor confidence.
Other major altcoins, such as Ethereum (ETH), Solana (SOL), Ripple (XRP), and Litecoin (LTC), experienced slight losses, while the Market Fear & Greed Index remained at 82, which is Extreme Greed, according to CoinMarketCap data. Memecoin BONK emerged as the top gainer, with a 24-hour increase of nearly 10%. Ethereum is currently trading at $3,110, down 0.58% in the last 24 hours.
As Bitcoin continues its bullish trajectory, a deeper onshore derivatives market and the expanding options market are expected to increase the sophistication and appeal of the asset, attracting both institutional and retail players eager to capitalize on its potential.
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