On November 20, the crypto market showed contrasting movements: Bitcoin crossed an all-time high at $94,000, driven by institutional appetite, while the main altcoins fell by 3 to 4%.
Written by Thomas
Updated on 11/20/2024 at 08:00 by Thomas
Bitcoin hits new all-time high
Bitcoin was the main driver of activity in the crypto market on November 20. The leading cryptocurrency reached a new all-time high by touching the 94 000 $ during the session, before stabilizing above $92,500.
This remarkable progression can be explained by several factors. First of all, the arrival on the market of Bitcoin derivative products (options on ETF Bitcoin) on the Nasdaq has sparked a renewed interest from institutional investors. Indeed, who are looking for new tools to hedge against the volatility of Bitcoin.
Additionally, data shows that daily flows into Bitcoin funds reached 600 million dollarsalthough the precise figures of BlackRock et Grayscale are not yet known.
This performance of Bitcoin has strongly influenced market dynamics, pulling up the market capitalization global crypto-assets, which now stands at $3.07 trillion.
However, volatility remains the order of the day, with a trading volume that has decreased by 8.8% compared to the previous day, to reach 180.71 billion dollars.
Contrasted performances for crypto altcoins
If Bitcoin shone, the situation was more mixed for the main altcoins. Ethereum thus recorded a drop of 2.36%quoting around 3 117 $. With trading volumes of $28.3 billion and a capitalization of $373 billion. Likewise, Solana lost 3.12%, returning to 234 $and Ripple’s XRP lost 4,2 %trading at $1.08.
On the memecoin side, Dogecoin lost 0.29%, while Shiba Inu decreased by 4.19%. Current performance is mixed and reflects the volatility that continues to characterize these more speculative assets.
The GOAT and the BONK, the big winners of the day
While most cryptocurrencies saw moderate movements, two spotlights particularly shined on the market: the GOAT et le BONK.
The memecoin GOAT, also known as Goatseus Maximus, has thus jumped 12%reaching $1.23, with a trading volume of $1.2 billion. This progression is explained by a renewed interest from investors in this token. Indeed, which seems to have benefited from a certain enthusiasm in the crypto community.
As for the memecoin BONKit recorded an even more impressive rise, of 10% over the last 24 hours, to reach $0.00005609. With a trading volume of $4.23 billionthis memecoin has sparked strong speculative momentum, taking advantage of the overall uptrend in the market.
These remarkable performances of GOAT and BONK clearly illustrate the volatility and opportunities that can emerge in the crypto market. Often, seasoned investors and novices alike must remain vigilant and diversify their portfolio to effectively manage risks.
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