Crypto Market Update: November 27, 2024

Exciting Change: Starting next Monday, First Mover Americas will be renamed Crypto Daybook Americas. This new briefing will provide you with the most relevant updates on the crypto markets each morning, offering in-depth analysis and what’s on the horizon. Be sure to tune in at 7 a.m. ET for your daily crypto roundup.

Market Overview:

• CoinDesk 20 Index: 3,278.83 (+4.32%)
• Bitcoin (BTC): $93,338.67 (+1.05%)
• Ether (ETH): $3,462.51 (+3.99%)
• S&P 500: 6,021.63 (+0.57%)
• Gold: $2,652.77 (+1.2%)
• Nikkei 225: 38,134.97 (-0.8%)

Key Developments:

Bitcoin (BTC) rebounded from a brief dip below $91,000, recovering to just over $93,800 in the past 24 hours, reflecting a 1.8% increase. Despite this, Bitcoin ETFs continued to see outflows for a second consecutive day, with nearly $123 million exiting the funds on Tuesday. This is a marked decrease from Monday’s outflows of nearly $440 million. Despite the recent bounce, Bitcoin is still underperforming compared to the broader crypto market, as the CoinDesk 20 Index saw an impressive 4.8% gain in the same period. Altcoins like XRP, ADA, and AVAX have outperformed Bitcoin, with all seeing substantial double-digit growth.

Ether (ETH) continued to build momentum, rising 4.6% in the last 24 hours to approach $3,500. The ETH-BTC ratio is also showing strong growth, increasing by 10% over the past week to just above 0.037. Meanwhile, U.S.-based spot Ether ETFs reported net inflows on both Tuesday and Wednesday, in contrast to the outflows seen in Bitcoin ETFs. The ether options market is also gaining traction, with open interest surpassing 2 million contracts for the first time since June. According to Deribit Metrics, the open interest in ether options now stands at $7.33 billion.

In the futures markets, traders are showing strong interest in ether derivatives. Cumulative open interest across perpetual and standard ether futures has surged to a record 6.32 million ETH, worth over $27 billion, marking a 17% increase this month. The widening gap between spot prices and three-month ETH futures—currently at an annualized 16% premium—is signaling increased interest in cash and carry strategies, a popular tactic among professional traders.

Chart of the Day:

The broader market’s participation in Bitcoin’s recovery is evident, with 90% of Binance-listed altcoins now trading above their 50-day simple moving averages (SMA). Furthermore, over 70% of altcoins are above their 200-day SMA, suggesting that the current positive momentum is not limited to Bitcoin alone.
Source: Capriole Investments