Bitcoin Breaks $90K as Stablecoin Supply Grows - November 13, 2024
Also, Ether ETFs surge, and Dogecoin market cap reaches $60 billion.
TL;DR: Crypto Insights in Seconds
Stablecoins: Investors flood into stablecoins, adding $5 billion in supply.
Ether ETF: U.S. Spot Ether ETFs log $295 million in a day.
Dogecoin: Market cap jumps to $60 billion.
BTC ETFs: Hong Kong BTC ETFs log $14.3 million in a day.
Worldcoin: The app reaches Brazil.
Coinbase: Launches Coin50 index futures.
Price Update
Bitcoin Breaks $90K as Analysts Anticipate $100K Milestone
Bitcoin has surged past the $90,000 mark, supported by strong ETF inflows, ongoing institutional adoption, and optimistic sentiment following the U.S. election. Market experts suggest that Bitcoin could potentially hit $100,000 within the next few months if current momentum holds. Copper.co analysts further project that Bitcoin might reach its peak within 200 days, aligning with potential U.S. recession indicators.
Dogecoin Market Cap Climbs to $60 Billion
Dogecoin surged 51% in the last 24 hours, reaching $0.43 and a $63.5 billion market cap, moved by pro-Trump momentum and Elon Musk’s support. The memecoin, now the sixth-largest by market cap, has seen a rise attributed to Musk's ties to Dogecoin and his advocacy for Trump’s campaign, with speculators anticipating a potential government role for Musk.
Crypto ETFs
Ether ETF Inflows Reach Record Levels as BTC Dominates
U.S. Spot Ethereum ETFs are also experiencing record inflows with a daily $295 million, caused by investors seeking exposure to ETH as Bitcoin captures headlines. Meanwhile, U.S. Spot Bitcoin also registered big gains, reaching $1.1 billion. As Bitcoin’s rally attracts new market participants, Ethereum’s correlation with BTC could pave the way for further gains.
Hong Kong Spot BTC ETFs Log Daily $14.3 Million.
Bitcoin spot ETFs in Hong Kong reached nearly $14.3 million in trading volume, their highest since August 5. This spike followed a notable weekly increase from HK$80.2 million to HK$120 million. Monday also saw a significant 37.77 BTC in inflows, with China AMC’s bitcoin ETF gaining 47.75 BTC, while Bosera HashKey saw outflows and Harvest’s ETF had no new inflows.
Don’t Miss Anything
Coinbase Launches Coin50 Index Futures
Coinbase has introduced its Coin50 index, which includes perpetual futures with leverage options, designed to track the top 50 cryptocurrencies. This product adds new investment opportunities for traders, expanding Coinbase’s offerings in the derivatives market.
Sam Altman’s Worldcoin Expands to Brazil
Worldcoin, a digital identity and currency project spearheaded by OpenAI CEO Sam Altman, has officially launched in Brazil. Brazil’s robust crypto ecosystem and growing demand for digital solutions make it a strategic launch point for Worldcoin, which has already garnered international attention.
Stablecoin Supply Surges by $5 Billion Post-Election
The stablecoin market has expanded significantly, with an additional $5 billion in supply since the U.S. election. This increase reflects investors’ appetite for stable, liquid assets during the current crypto bull run.
Bitcoin’s record surge past $90K, Ether’s ETF inflow growth, and a substantial increase in stablecoin supply highlight the current crypto market’s robust demand dynamics. As BTC’s $100K milestone appears within reach, the entire market is feeling the positive effects, with significant inflows into both major and alt assets. As the market evolves, being informed and adaptable is crucial for investors and participants. Stay tuned for tomorrow’s newsletter to get the latest insights and updates in the market.