Crypto Market Snapshot: November 13, 2024

Key Market Metrics

• CoinDesk 20 Index: 2,598.80 (-1.86%)
• Bitcoin (BTC): $87,804.73 (-0.04%)
• Ether (ETH): $3,166.56 (-3.78%)
• S&P 500: 5,983.99 (-0.29%)
• Gold: $2,611.13 (unchanged)
• Nikkei 225: 38,721.66 (-1.66%)

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Bitcoin Pauses at $90K Threshold

Bitcoin’s remarkable bull run has temporarily halted at the $90,000 resistance level. The cryptocurrency briefly reached $90,100 on Tuesday before sliding to a low of $86,200 during European trading hours. It has since stabilized around $87,500, marking a 2.65% pullback from recent highs.

The broader market mirrored Bitcoin’s dip. Ether (ETH) is down 3.6% over the past 24 hours, and Solana (SOL) declined 2.8%, with the CoinDesk 20 Index reflecting a broader market drop of 1.4%.

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Inflation Report: Key Market Catalyst

All eyes are on the upcoming October U.S. CPI report, due at 8:30 a.m. ET. Analysts predict a 2.6% year-on-year rise, signaling a reversal in the cooling inflation trend seen over the past six months.

Historically, Bitcoin has been sensitive to inflation data. In January, it dropped 7.5% when hotter-than-expected inflation figures spooked investors. A similar outcome today could introduce volatility to crypto markets.

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DOGE Mania Gains Ground

The meme-fueled Dogecoin rally shows no signs of stopping, buoyed by President-elect Donald Trump’s confirmation of the Department of Government Efficiency (DOGE), led by Elon Musk and Vivek Ramaswamy.

Dogecoin’s price has surged nearly 250% in the past 30 days, with renewed media attention and speculative fervor pushing it to levels last seen in 2021. Traders are increasingly eyeing $1 as a critical long-term milestone.

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Liquidity Surge Supports Bulls

Stablecoin issuance, particularly USDT, has accelerated, as noted by Glassnode. Increased stablecoin liquidity is often seen as a precursor to renewed market activity, suggesting traders are primed to deploy fresh capital into crypto markets.

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The Road Ahead

With Bitcoin consolidating near $90,000 and inflation data poised to influence sentiment, traders anticipate potential volatility in the short term. Meanwhile, Dogecoin’s cultural relevance and meteoric rise reaffirm the enduring power of narrative-driven trading in the crypto space.