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    • Crypto punishes skeptics
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    Crypto punishes skeptics

    Umito Posted on

    Date

    12/11/2024 04:12:30

    (MENAFN-FXPro)

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    The total capitalization of Cryptocurrency walk has approached $3 trillion, rewriting the record set almost exactly three years ago. During the day, the indicator increased by more than 8%. The nature of the movement indicates the liquidation of short positions in the largest coins, mainly bitcoin. At the same time, individual altcoins are rising higher and higher.

    The leading cryptocurrency climbed almost 10% in 24 hours, approaching $90,000, although only a little over a day ago it attempted to consolidate at $80,000. Reaching the $100-110,000 target zone now appears to take only a few weeks, if not days.

    Dogecoin is even more actively destroying skeptics with open positions. In 24 hours, it rose 44% to $0.4. It traded sustainably higher for just 15 days in May 2021. This area was crucial in April and June of that year, so it’s worth paying close attention this time around also.

    News context

    According to CoinShares, global investments in crypto funds increased by $1.978 billion last week, following inflows of $2.177 billion previously. The positive trend continued for the fifth consecutive week. Investments in Bitcoin increased by $1.796 billion, Ethereum by $157 million, and Solana by $4 million. Investments in funds with multiple crypto assets increased by $23 million.

    Year-to-date inflows into crypto ETFs reached $31.3 billion. Due to rising prices, global assets under management reached a new all-time high of $116 billion. Trading volumes reached their highest level since April. The combination of a favorable macroeconomic environment (Fed rate cut) and seismic changes in the US political system (after Trump’s victory) are likely the reasons for such favorable investor sentiment, suggests CoinShares.

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    According to founder Michael Saylor, MicroStrategy purchased an additional 27,200 BTC between October 31 and November 10 for $2.03 billion (at approximately $74,463 per coin). The company now holds 279,420 BTC, acquired for $11.9 billion at an average exchange rate of $42,692.

    Michael van de Poppe, director of MN Consultancy, said the highly anticipated altcoin season has begun against the backdrop of Bitcoin’s new all-time highs. He called Ethereum’s rise in recent days impressive. The altcoin bull cycle could last until 2026 or 2027 and turn into a full-fledged supercycle.

    Over the past few days, bankrupt FTX has filed 23 lawsuits against various companies and individuals to recover funds from its creditors. In the lawsuit against Binance, FTX lawyers are demanding the return of $1.8 billion paid as part of a 2021 stock buyback.

    The FXPro
    Analyst team

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    Umito
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