Recent Trends in Cryptocurrency Market

As of November 12, 2024, Bitcoin has been teetering near $90,000 during a tumultuous trading session, fluctuating between highs exceeding $89,000 and dropping under $86,000 due to resistance encountered. Currently, the cryptocurrency is trading around $87,400, marking a roughly 6% increase in a 24-hour span, which surpasses the general market growth of near 3.5%, as indicated by the CoinDesk 20 Index.

Despite the volatility, the liquidation in crypto-tracked futures has reached nearly $900 million, balancing between bullish and bearish stakes.

Price Highlights

• Bitcoin (BTC): $87,452.37 +6.46%
• Ether (ETH): $3,289.79 +2.79%
• DOGE: Surged over 50% to $0.43, fueled by renewed bullish sentiment linked to endorsements from Elon Musk.

Crypto markets spotlighted recent developments, including Ether ETFs, which recorded significant inflows, and BlackRock's ETHA alongside Fidelity's FETH both attaining net gains of $100 million each on a single day. This alludes to a burgeoning optimism surrounding cryptocurrencies as the market stabilizes amidst fluctuations.

Insight

"Assets in the US spot bitcoin ETFs are now up to $84 billion, potentially outpacing gold in the near future," commented Eric Balchunas, a senior analyst at Bloomberg.