Crypto Market Recap: Nov. 12, 2024

Here’s a breakdown of today’s major crypto market events, trends, and insights.

Market Overview

• CoinDesk 20 Index: 2,645.58 (+3.37%)
• Bitcoin (BTC): $87,452.37 (+6.46%)
• Ether (ETH): $3,289.79 (+2.79%)
• S&P 500: 6,001.35 (+0.1%)
• Gold: $2,603.09 (-0.31%)
• Nikkei 225: 39,376.09 (-0.40%)

---

Top Headlines

Bitcoin Edges Toward $90K Amid Market Whiplash

Bitcoin flirted with $90,000 during early European trading, reaching highs just above $89,000 before retreating to levels below $86,000. At press time, BTC is trading near $87,400, marking a 6% gain in the last 24 hours.

Intense price swings led to nearly $900 million in crypto futures liquidations, split evenly between long and short positions, according to Coinglass data. Despite the volatility, Bitcoin remains the frontrunner in the crypto market, outpacing the CoinDesk 20 Index’s 3.5% gain.

Ethereum and Bitcoin ETFs See Unprecedented Inflows

Ethereum-focused ETFs saw record-breaking inflows of $295.5 million on Monday, with both BlackRock’s ETHA and Fidelity’s FETH each amassing $100 million in net capital.

Bitcoin ETFs had a similarly monumental day, recording $1.1 billion in inflows—the second-highest on record. BTC’s market capitalization surged to $1.78 trillion, surpassing silver to become the world’s eighth-largest asset.

Eric Balchunas, a Bloomberg senior analyst, commented that Bitcoin ETF assets under management now total $84 billion, closing in on two-thirds of gold ETF holdings. “Bitcoin ETFs might outpace gold ETFs far sooner than expected, potentially before their first anniversary,” he noted.

Dogecoin’s Rally Hits Multi-Year Highs

Dogecoin (DOGE) surged to $0.43 during European trading hours, registering a 50% jump in just 24 hours. This marks its highest price since May 2021, when it peaked at $0.71.

DOGE-tracked futures saw $68 million in liquidations, the highest this year, as open interest approached all-time records last seen in April.

This memecoin resurgence has been driven by renewed hype, with Elon Musk’s lighthearted promotion of Dogecoin within a political context fueling speculative buying. Despite a subsequent pullback to below $0.40, DOGE remains up over 30% on the day.

---

Chart Spotlight

Bitcoin is challenging a long-term trendline resistance that dates back to its 2021 double-peak highs. This pattern aligns with movements in the Nasdaq-to-S&P 500 ratio, which has historically been a leading indicator for Bitcoin’s performance. As tech optimism rises, Bitcoin appears to follow suit.

Source: TradingView

---

Today’s developments showcase the dynamic interplay of institutional flows, retail enthusiasm, and macro market trends, making this a pivotal moment for the cryptocurrency market.