Crypto market analysis today
- The global cryptocurrency market cap shrank by $9.9 billion on Tuesday, November 12, as traders moved to take profits after a seven-day rally.
- In the derivatives market, $980 million crypto futures contracts were liquidated with bulls booking 60% of the daily time frame losses.
- According to Coinglass data, the largest single-order liquidation happened on Binance, as a whale trader lost $15.70 million on the BTC/USDT trading pair.
Bitcoin price action today
- Bitcoin price registered a new all-time high for the sixth consecutive day as it topped out at $89,940 on November 12.
- Amid a brief market correction and cascading liquidations, BTC managed to hold firmly above $85,000 on Tuesday, riding on bullish support from strong ETF demand and Microstrategy’s latest $2 billion purchase announcement.
Bitcoin price action, November 12, 2024 | Source: TradingView
As the US market opened, Bitcoin price has started to show signs of continuing the bullish momentum. The BTC/USD chart shows that after testing the $85,000 support, BTC has now reclaimed the $88,600 resistance.
More so, BTC is now trading above its Volume Weighted Average Price (VWAP) at $87,894, signaling that the majority of active buyers are willing to pay higher prices rather than wait to execute their orders at market clearing prices.
If BTC closes above the VWAP, traders can anticipate an imminent breakout above $90,000 in the days ahead .
Altcoin market updates: Ethereum wobbles, while TRON, Solana lead market resurgence
- Ethereum price tumbled 4.5% from $3,443 to a daily low of $3,213 on Tuesday.
- Unlike Bitcoin, which made a sharp rebound, Ethereum price is struggling to regain bullish momentum as it remains nestled below the $3,250 resistance at the time of publication.
- Meanwhile, Ethereum ETFs posted record daily net inflows of $295.5 million on Monday, November 11, offering bulls a lifeline if Tuesday inflows also turn out positive.
- Solana price survived a major correction scare on Tuesday, rebounding from $205 to reclaim the $210 level after the US markets opened.
- With 12.75% daily gains, TRON (TRX) emerged as the second-best performing asset among the top ten ranked digital assets behind Dogecoin (DOGE).
Tron (TRX) price action, November 12, 2024 | Source: CoinmarketCap
In recent years, Tron’s TRC-20 token standard has become one of the most popular networks for stablecoin transfers. Hence, the TRX rally appears to be buoyed by heightened stablecoin transactions as fresh capital inflows continue to trickle into the cryptocurrency sector.
Chart of the day: Polymarket bettors price in 62% odds of BTC crossing $100K in 2024
Amid the Trump administration’s plans to select pro-crypto cabinet members for key regulatory positions, Polymarket bettors have priced in a 62% chance for Bitcoin to reach $100,000 before the end of 2024.
Bitcoin price predictions markets, November 12, 2024 | Source: Polymarkets
Total bets placed on Bitcoin price predictions have surpassed $3.14 million. Odds for Bitcoin hitting the $100,000 mark have surged from 12% at the start of November to 62% as of press time.
Crypto news updates today
- The German government has effectively missed out on gains in excess of $1.6 billion by selling off its seized stash of 50,000 BTC four months ago.
In July 2024, the German authorities sold off 50,000 Bitcoin for $2.88 billion. It was BTC confiscated from the film piracy website Movie2K.
The sale was executed at the average price of $57,600. With Bitcoin now trading close to $90,000, the stash could now be worth 56% more at $4.5 billion, reflecting missed net-gains of $1.6 billion.
- US-based asset management firm Canary Capital announced an Hedera (HBAR) ETF filing with the SEC, seeking to provide direct spot exposure for its teeming investors.
Canary Capital’s HBAR ETF filing comes just weeks after the firm filed Litecoin and XRP derivatives applications with the US Securities & Exchange Commission (SEC).
Hedera price surged 22% as Canary Capital files HBAR ETF application | November 12, 2024 | Source: CoinmarketCap
Following the news, HBAR price rose 22% within the daily time frame, reaching a three-month peak of $0.07. While all ETF filings outside of BTC and ETH remain in limbo, Trump’s win has triggered widespread expectations of new crypto ETF approvals in 2025.
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
Bitcoin reaches new highs near $90,000, on-chain data show chances of pullback
Bitcoin hit a new all-time high of $89,900 on Tuesday before easing to around $86,000, following a 30% surge since November 5. Technical indicators suggest the rally may be overstretched, with a potential corrective pullback ahead.
GIGA investor loses $6M to phishing scam via fake Zoom link
On Monday, a Gigachad (GIGA) investor lost $6.09 million due to a phishing attack involving a fake Zoom link. Crypto investigation firm Scam Sniffer declared the scam that led the victim to a malicious site, compromising their wallet.
Tron, Avalanche and Uniswap: Double-digit gains on the cards, technical indicators show
Tron is breaking above an ascending triangle formation on Tuesday, signaling a potential rally continuation. While AVAX and UNI are retesting their crucial support level — if supported, this suggests an upside move — all three altcoins look poised for double-digit gains as the crypto rally continues.
BNB: Bullish technical pattern validated, eyes all-time high
Binance Coin trades slightly down on Tuesday after breaking above an ascending triangle formation on the weekly chart, following a 12.5% rally last week. The technical outlook suggests a bullish breakout pattern and continuation of the rally, with a target set for a new all-time high of $825.
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.