Today (November 25, 2024), the cryptocurrency market is in the red Bitcoin (BTC) There was a time when it fell below the mark 96,000 USD before rebounding to levels 97,200 USDdecreased more 1% in the last 24 hours. According to CoinGeckoBTC capitalization reached 1.92 trillion USDwhile trading volume decreased sharply, to only 52 billion USD.
In the context of many large coins such as DOGE (-7%), XRP (-8%)and ADA (-9%) declined, the Gaming coin group stood out with a strong upward momentum. Leading names on Binance include: SAND (+65%), MANA (+25%)and AXS (+10%).
Outstanding events on November 25
1. Bitcoin (BTC): ETF inflows reach new record
- During the past week (November 18 – November 24), Spot BTC ETFs saw net inflows hit 3.35 billion USDbreaking the old record from March 2024 and becoming the week with the largest capital inflow in history.
- Especially, the day November 21 recorded excess capital inflows 1 billion USDcontributing to strengthening Bitcoin’s position in the eyes of institutional investors.
2. Ethereum (ETH): Return to net withdrawal status
- In contrast to Bitcoin, Spot ETH ETF funds continued to withdraw net with total selling pressure reaching 68.4 million USD last week, mainly due to Ethereum’s high inflation.
- According to Fidelity Digital AssetsQ2/2024 recorded an increase in ETH supply 110,000 ETH (equivalent to inflation 0.37%/year), stemming from the need for staking and the development of Layer 2 solutions.
3. Cryptocurrency policy in Vietnam
- During the National Assembly discussion session, Prime Minister Pham Minh Chinh raised the issue of bringing Bitcoin into management, emphasizing the importance of Digital Technology Industry Law. Opinion “both doing and learning from experience” is promoted to match the reality of cryptocurrency trading in Vietnam.
Outstanding information about other coins
1. Solana (SOL)
- Nate Geraci (president of The ETF Store) predicts that Spot SOL ETF funds will be approved by the end of 2025 at the latest, creating great expectations for the Solana investment community.
2. Tether (USDT)
- Cantor Fitzgerald reach an ownership agreement 5% shares Tether with value 600 million USD. This is a big move when CEO Cantor Fitzgerald, Howard Lutnickhas just been proposed as Secretary of Commerce under the President-elect Donald Trump.
3. Axie Infinity (AXS)
- Despite recording an increase 10%CEO Sky Mavis, Trung Nguyenannounced cuts 21% of personnel to restructure resources, despite the prosperity of the Web3 gaming market.
4. HECO Network (Cooperative)
- HECO Networkthe Layer 1 blockchain of the Cooperative exchange, will stop operating on April 1 January 15, 2025 after a long period of difficulty. Once achieved TVL 3 billion USDHECO declined seriously due to the market downtrend and the hack 85 million USD last year.
5. Bakkt and new policy from Mr. Trump
- Grandfather Donald Trump appointment is being considered Kelly Loeffler (former Bakkt CEO) as Minister of Agriculture. What’s interesting is the platform Truth Social of Mr. Trump is negotiating to buy the cryptocurrency exchange Bakktopening up many development potentials in the field of cryptocurrency.
Outstanding trend: Coin Gaming explodes
While many Altcoins fell sharply, the Gaming coin group made a spectacular breakthrough:
- SAND (+65%): Growth thanks to new Metaverse promotional campaigns.
- MANA (+25%): Benefit from community attention to the Metaverse.
- AXS (+10%): Although Sky Mavis company cuts staff, expectations for the Web3 gaming sector continue to boost AXS’s momentum.
Conclude
November 25, 2024 is an important adjustment time for the cryptocurrency market after a series of days of strong growth. Large capital flows into Spot BTC ETF funds are a positive signal, but ETH inflation and profit-taking sentiment from top Altcoins caused the market to temporarily stagnate.
Gaming coin groups such as SAND, MANAand AXS stands out with growth momentum, showing a shift in investor interest in the fields of Metaverse and Web3 gaming. Meanwhile, policy moves from Vietnam and the new administration in the US may open up new opportunities for the cryptocurrency market in the near future.