Market Wrap: Tuesday, November 12th, 2024

An incredible week for Bitcoin and crypto markets across the board! The US election results have provided a favorable boost to the crypto industry and financial markets. Since Tuesday, BTC has risen almost 30%, setting new all-time highs and almost reaching $90k. Altcoins are also performing, with SOL reaching $225. Although ETH hasn’t surpassed its previous ATH, it has still gained 34% over the past week. DOGE broke 40 cents and surpassed XRP in market cap.

The “Trump Trade” continues to influence traditional markets, with stocks, treasury yields, and the dollar rising. The euro and Chinese renminbi have experienced declines, affected by expected trade tariffs, their softening economies, and dovish central banks.

With volatility increasing through notable upward moves, it is important to monitor perpetual funding rates, which are currently increasing, according to the Coinglass Funding Rate Heatmap. Higher funding rates can indicate positive market sentiment, but they may also suggest increased leverage use, potentially leading to elevated volatility and liquidations in futures markets.

Other Market News

Google searches for “bitcoin” are trending higher again.

Source: Google Trends

BlackRock’s Bitcoin ETF (IBIT) has surpassed its Gold ETF iShares Gold Trust (IAU) in total assets.

Source: Yahoo Finance

Bitcoin ETFs experienced significant inflows over the last week.

Source: Farside Investors

The Macro Week Ahead

Financial Advice Disclaimer: Nothing in this article constitutes professional or financial advice, performance data or any recommendation that any specific cryptocurrency, portfolio, index, investment product, transaction or investment strategy is suitable for any specific person. You assume the sole responsibility of evaluating the merits and risks associated with all financial decisions and should seek the advice of a registered financial advisor when in doubt.