Crypto market analysis today:
- The aggregate cryptocurrency market capitalization shrank by 1.45% on November 14, reflecting a $42.6 billion dip.
- In the last 24 hours, 170,878 traders were liquidated to the tune of $485.13 million, per Coinglass data
- With $360 million long positions liquidated, bull traders have booked over 61% of the daily timeframe losses on Thursday.
Altcoin market updates: XRP, PEPE, SUI emerge top gainers
- Ripple (XRP) rose by 16% on November 14, usurping Dogecoin (DOGE) as the the top performing asset in the top ten ranked crypto assets.
XRP price action, November 14, 2024
XRP's rally on Thursday was initially triggered by its recent listing on Robinhood.
However, Gary Gensler’s impending exit from the US SEC leadership further propelled the XRP price rally towards $0.80 by mid-day EST.
With trading volumes on Binance approaching the $1 billion mark, bulls could set sights on another leg-up towards the next resistance at $0.85.
- PEPE also delivered an eye-catching 22% price rally on Thursday, hitting new all time highs of $0.000026.
PEPE price action, November 14 2024 | TradingView
Over the last 48-hours, PEPE price increased by 46.5%, moving from its closing price of $0.000014 on November 12 to hit a new peak at $0.0000026 within the daily timeframe on November 14.
Why is PEPE price going up?
Notably, PEPE was the only megacap memecoin listed by Robinhood on November 13, alongside major altcoins like XRP, Solana (SOL) and Cardano (ADA).
While Robinhood listing introduces PEPE’s to a broader US retail market, another Korean-based exchange Upbit also listed the memecoin on Thursday.
As fresh liquidity trickles into the market, it could provide a buffer for PEPE to sustain relatively high levels as bulls seek to extend the price discovery phase.
- SUI is another token that reached a new all time high on Thursday, amid bullish tailwinds from VanEck's SUI ETN filing.
SUI price crossed the $3.5 milestone for the first time since its launch in May 2023, bringing its market capitalization to $9.5 billion.
Chart of the day: NFTs flashing comeback signals as McDonald's announces Doodle partnership
Global fast food giant McDonald’s is collaborating with web-3 native brand, Doodles, to launch coffee-themed NFT collectibles as part of its holiday-season campaigns.
After McDonald's confirmed the partnership in an X post on November 14, the global NFT market witnessed a significant surge in demand.
Global NFT sector performance | November 14 2024 | Source: Coingecko
The Coingecko chart above shows the cumulative trading performance of all listed NFT projects. The global NFT trading volume reached $17.6 million on Thursday, reflecting a 4.1% increase over the last 24 hours, while the sector valuation also grew by 1.1% to reach $5.3 billion.
Notably, Doodle’s floor price instantly rose 12.3% following the McDonald’s NFT collectibles announcement. But as depicted above, the bullish tailwinds spread towards other prominent NFT projects, as the likes of LaserCat and Milady Maker also recorded 51.4% and 15% in gains, respectively.
Crypto news updates:
- Recent statements from the U.S. Securities and Exchange Commission (SEC) Chairman, Gary Gensler, have heightened his exit rumors.
Speaking at the Practicing Law Institute's 56th Annual on Securities Regulation, Gensler hinted at his imminent exit, expressing pride and gratitude for service in the outgoing Biden administration.
"It’s been a great honor to serve with them, doing the people’s work, and ensuring that our capital markets remain the best in the world.
I’ve been proud to serve with my colleagues at the SEC who, day in and day out, work to protect American families on the highways of finance,"
- US SEC Chairman, Gary Gensler, November 14, 2024
President-elect Donald Trump is reportedly considering more crypto-friendly candidates to replace Gensler in the coming months.
This has triggered intense speculative demand for prominent altcoins like XRP, Cardano and Solana, which were labeled ‘unregistered securities’ in several SEC lawsuits over the last four years.
- The Royal Government of Bhutan was spotted depositing 365 BTC (worth $33.3 million) into a Binance wallet address, with Bitcoin price trading above $91,000 in the early hours of Thursday.
According to Blockchain analytics provider Arkham, the transfer occurred at 12:06 a.m. UTC, just weeks after an initial move of 929 BTC (valued at $66.1 million) to Binance on October 29, indicating that Bhutan may have offloaded close to $100 million in Bitcoin during the recent price rally.
While the exact purpose of the Bhutan government’s latest transactions remain unclear, such large deposits into exchanges during a price rally typically point toward strategic profit-taking.
- After 3 months of investigation, Indian authorities have officially detained a suspect linked to WazirX’s $230 million crypto hack, which occurred back in July 2024.
According to local news sources, the arrested suspect had allegedly opened an account under a fake name, before selling it to an accomplice, who then proceeded to hack the exchange.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Three Arrows Capital demands $1.5B increase in the FTX lawsuit
Liquidators managing Three Arrows Capital's (3AC) bankruptcy have filed a motion to raise their claim against FTX from $120 million to $1.53 billion. Bloomberg reports that FTX allegedly liquidated and seized around $1.33 billion in assets from the hedge fund to settle debts just two weeks before 3AC’s collapse.
Missing crypto influencer Kevin Mirshahi found dead in Montreal Park
Authorities report that the remains of Kevin Mirshahi, a prominent crypto influencer who was abducted in June, have been found in a Montreal park. Local police informed “The Gazette” that a passerby found the grim discovery on October 30 in Île-de-la-Visitation Park.
XRP struggles near $0.7440, could still sustain rally after Robinhood listing
Ripple's XRP open interest has declined by over 10% in the past 24 hours. Robinhood's listing of XRP could serve as a catalyst for renewed demand. XRP continues to struggle near historically strong resistance after sustaining another rejection at $0.7440.
Dogecoin price forecast: Miners offload $240M as DOGE approaches risk zone
After reaching a three-year peak of $0.43 on November 12, Dogecoin price wobbled 13% to find support at the $0.38 level on Wednesday. Miners capitalized on Trump’s recent D.O.G.E confirmation statement to offload 620 million DOGE in the last three days.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.