Crypto Market Update for November 19, 2024

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Latest Market Prices:

• CoinDesk 20 Index: 2,975.88 (+1.3%)
• Bitcoin (BTC): $92,456.36 (+2.06%)
• Ether (ETH): $3,144.77 (+2.37%)
• S&P 500: 5,893.62 (+0.39%)
• Gold: $2,636.70 (+0.85%)
• Nikkei 225: 38,414.43 (+0.51%)

Top Stories

Bitcoin (BTC) is currently trading at approximately $92,000, just 2% below its record high, marking a 2% increase over the past 24 hours. This performance outpaces the CoinDesk 20 Index’s 1.1% gain. Altcoins have also shown strong performances, with Chainlink (LINK), Hedera (HBAR), and Uniswap (UNI) leading the pack, as expectations rise for wider institutional adoption and a more favorable regulatory environment under a potential Trump administration. Crypto hedge fund QCP predicts Bitcoin will attempt a move toward $100,000 in the coming months, with altcoins likely to see significant growth as a result. However, market observers, including Augustine Fan from SOFA, caution that a “blow-off top” could lead to a sharp correction following any rapid gains.

In a major development, Bitcoin ETF options trading is expected to begin today in the U.S., with BlackRock’s iShares Bitcoin Trust (IBIT) ETF having cleared its final regulatory hurdle. This marks a major milestone that could attract institutional investors, leading to heightened trading volumes and potentially dramatic price movements for Bitcoin. 10x Research highlights that this development could lead to significant shifts in the market. For example, MicroStrategy (MSTR), which owns the largest corporate Bitcoin treasury, has experienced a surge in its options market, with MSTR’s options open interest now exceeding its market capitalization. This phenomenon could repeat in the Bitcoin market, with the ETF potentially fueling further rallies, especially given Bitcoin’s limited supply.

Bitcoin mining has also seen positive economic shifts in November, with a nearly 30% rise in the hashprice (mining profitability) over the first two weeks of the month. This increase has been driven by Bitcoin’s price rally, benefiting the 14 U.S.-listed miners tracked by JPMorgan. The market capitalization of these miners has risen by $8 billion, with their combined share of the global network’s hashrate now accounting for around 28%, setting a new record.

Chart of the Day

The chart showcases daily active addresses across several major blockchains. Solana (SOL) stands out with significantly more daily active users than other networks, further reinforcing the argument for Solana’s potential to outperform its competitors in the near term.

Source: Artemis