On November 26, 2024, the cryptocurrency market was in the red Bitcoin (BTC) plummeted near 6,000 USDlost the landmark 98,000 USD to trade around 93,000 USDdecreased more 5% in the last 24 hours. According to CoinGeckoBTC capitalization currently reached 1.84 trillion USDwith daily trading volume reaching 88.6 billion USD.
In the context of the majority of major Altcoins such as DOGE (-6%), ADA (-6%)and SOL (-7%) decline, ecosystem coins Ethereum suddenly increased sharply, led by ENS (+17%), SSV (+15%)and LDO (+14%).
Outstanding events on November 26
1. Bitcoin (BTC): Selling pressure from large funds
- ETF capital flows last week: Spot BTC ETFs record capital inflows 3.35 billion USD during the week November 18 – November 24the highest level in history.
- Selling pressure from GBTC: In the trading session on November 25, fund GBTC (Grayscale Bitcoin Trust) net sold 158.2 million USDis said to be the main cause of BTC’s price decline.
- Short Bitcoin Fund: Capital inflows into Short Bitcoin funds increased sharply, reflecting the defensive mentality of investors amid BTC volatility.
2. Ethereum (ETH): Negative capital flow but strong ecosystem growth
- ETF net withdrawal: Spot ETH ETFs recorded negative capital inflows 11.6 million USD on November 25, mainly coming from ETH ETF funds of Grayscale.
- Ethereum system breaks out: While ETH price decreased slightly, Ethereum ecosystem projects such as ENS, SSVand LDOled the rise again thanks to increased usage and staking demand.
3. Large capital inflows into cryptocurrencies last week
- According to CoinSharestotal inflows into crypto funds over the past week reached 3.1 billion USDshowing the market’s attractiveness despite the correction.
Notable information about Altcoins
1. XRP
- Spot XRP ETF: WisdomTree becoming the 4th asset management firm to join the Spot XRP ETF race, next to Bitwise, Canary Capitaland 21Shares.
- Approval prospects increase thanks to SEC chairman news Gary Gensler preparing to resign.
2. TRON (TRX)
- Investing in Trump’s DeFi: Justin Sunfounder of TRON, invested 30 million USD into DeFi projects World Liberty Financial (WLFI)belongs to the family of the new US president Donald Trump.
- Sun also recently attracted attention when spending 6.2 million USD buy works of art”banana wall stickers”.
3. WHY and CHEEMS
- Binance Futures has listed two coins Meme coin WHY and CHEEMS yesterday (November 25), continues to expand its Futures portfolio.
4. Base (Layer 2 of Coinbase)
- TVL record: TVL of the network Base has passed 10 billion USDbecoming the Layer 2 network with the 2nd largest TVL, only behind Arbitrum.
- Transaction processing speed: TPS of Base network is better 104setting a new record.
5. Kernel
- Binance Labs announced investment Kernela pioneering project in the field Restaking on the network BNB Chain.
Moves from large organizations
- MicroStrategy: The company buys more 5.4 billion USD Bitcoin with average price 98,000 USD/BTCthe highest price BTC purchase ever.
- Apple and cryptocurrency: CEO Tim Cook revealed that he has owned Bitcoin for the past 3 years, but emphasized that this was a personal decision and not related to Apple’s development strategy.
Conclude
November 26, 2024 recorded a significant adjustment of the cryptocurrency market after a series of strong increases. Bitcoin fell deep below the mark 96,000 USD due to selling pressure from large funds, while many top Altcoins such as DOGE, ADA, and SOL also decreased significantly.
However, the Ethereum ecosystem stands out with projects such as ENS, SSVand LDO increased sharply, reflecting growing interest in Layer 2 and staking solutions.
Participation of large organizations such as MicroStrategy, WisdomTreeand Binance Labs continues to be the main driving force promoting confidence in the market. Despite short-term fluctuations, large capital flows and new projects promise to create a strong recovery momentum in the near future.