Bitcoin rebounded above $96,000 on Wednesday, recovering from a recent dip, and posted a 5% increase to $95,886 as tracked by Coin Metrics. Meanwhile, Ether surged by over 7% to reach $3,555.82, with the broader crypto market, reflected by the CoinDesk 20 index, rising 5%. Despite its reputation as a digital store of value akin to gold, Bitcoin frequently mirrors stock market trends. However, it diverged from the Nasdaq Composite, which fell 1% on Wednesday, with broader indices like the Dow Jones Industrial Average and S&P 500 also declining.
Coinbase shares climbed more than 2%, bolstered by Bitcoin’s momentum. Robinhood, benefiting from a reportedly crypto-friendly incoming Trump administration, increased by 4%, while MicroStrategy saw a 7% gain, serving as a Bitcoin proxy. Since the U.S. election on November 5, Bitcoin has surged by roughly 38%, briefly hitting $99,849.99 before testing support at $90,000 earlier this week.
Alex Thorn of Galaxy Digital noted Bitcoin’s bull market trajectory, acknowledging potential regulatory challenges from the outgoing Biden administration but highlighted increasing adoption at various levels and a forthcoming pro-Bitcoin U.S. administration as drivers for future growth.
Fairlead Strategies’ Katie Stockton mentioned on CNBC’s “Squawk Box” that Bitcoin has entered “uncharted territory” with no immediate resistance levels and support around $74,000. Bitcoin had reached $92,000 on November 13, marking a significant milestone. Stockton emphasized Bitcoin’s pattern of rapid climbs followed by consolidations and urged investors to accommodate the inherent volatility and long-term potential of cryptocurrencies.
Bitcoin has gained 124% year-to-date and is anticipated to hit the $100,000 mark by year-end, while, since the election, Ether has outperformed Bitcoin short-term, garnering a 55% increase.
Original Story https://www.cnbc.com/2024/11/27/crypto-market-today.html
Category :
Tags:
