November 28, 2024, brought continued focus on the cryptocurrency market as Bitcoin (BTC) displayed dramatic price movements, reflecting both its potential and volatility. Earlier this week, Bitcoin surged past $97,000, a new all-time high that reignited discussions about the possibility of breaching the $100,000 milestone. This historic rise was fueled by institutional inflows, particularly into Bitcoin exchange-traded funds (ETFs). Reports reveal that nearly $750 million was invested in BTC ETFs last Wednesday, with BlackRock accounting for a staggering $627 million of that figure.
Despite its ascent, Bitcoin experienced a correction soon after, falling back to $95,500 as of this morning. Analysts attribute the pullback to profit-taking by short-term investors looking to capitalize on the gains. Additionally, the psychological resistance at $100,000 has kept traders cautious, with many closely monitoring Bitcoin’s ability to hold above its crucial $92,600 support level. A breach below this threshold could increase market volatility, while sustained levels above it may signal renewed bullish momentum.
While Bitcoin’s fluctuations have drawn attention, altcoins like Ethereum (ETH) and XRP have demonstrated robust performance, suggesting a shift in investor focus. Ethereum surged by 7%, outpacing Bitcoin and other major cryptocurrencies, driven by increased activity on its network. On-chain data indicates significant growth in wallet creations, transaction volumes, and revenue. Ethereum futures also saw a record-breaking cumulative open interest of 6.32 million ETH, equivalent to over $27 billion. XRP also saw a notable 6% rise, trading around $1.48, and other assets like BNB Chain and Dogecoin (DOGE) gained more than 5%.
Market-wide enthusiasm has been bolstered by macroeconomic developments. President-elect Trump’s nomination of Scott Bessent as Treasury Secretary has been a key factor in lifting sentiment across equity and cryptocurrency markets. Bessent, known for his market-friendly stance and his role in George Soros’ famous $1 billion profit from shorting the British pound, is expected to bring a pragmatic approach to economic policy. His nomination has led to record highs on Wall Street, further boosting appetite for riskier assets such as cryptocurrencies.
The total cryptocurrency market capitalization now stands at $3.16 trillion, supported by robust trading volumes of approximately $184 billion over the last 24 hours. DeFi tokens and memecoins have also seen notable gains, with assets like Aave (AAVE), Uniswap (UNI), Pepe (PEPE), and Mog (MOG) rising 8%–9%. Ethereum’s relative strength was highlighted by a 13% surge in the ETH/BTC trading pair, reflecting a clear shift in capital flows as investors diversify beyond Bitcoin.
As Bitcoin continues to fluctuate, will it manage to break through the $100,000 mark in the near future? Can Ethereum sustain its upward momentum and challenge Bitcoin for dominance? And with the broader market reacting to political developments, how will external factors influence the future of crypto prices? Only time will tell as the market remains highly dynamic.
Disclaimer
Any information provided in this article is not intended to be a substitute for professional advice from a financial advisor, accountant, or attorney. You should always seek the advice of a professional before making any financial decisions. You should evaluate your investment objectives, risk tolerance, and financial situation before making any investment decisions. Please be aware that investing involves risk, and you should always do your own research before making any investment decisions.
