Bitcoin’s price has surged close to $94,000, marking a significant increase in value. The latest price movements in the crypto market have investors and traders buzzing with excitement. On November 27, 2024, Bitcoin was trading at $93,338.67, up by 1.05%, while Ether was at $3,462.51, showing a 3.99% increase.
Despite a brief drop below $91,000, Bitcoin quickly rebounded and reached over $93,800. The cryptocurrency is currently trading 1.8% higher in the last 24 hours. Interestingly, Bitcoin ETFs experienced a net outflow for the second consecutive day, losing around $123 million. However, this was a significant improvement from the previous day’s outflows of nearly $440 million.
In contrast, the broader digital asset market, as indicated by the CoinDesk 20 Index, has seen a rise of over 4.8%. Other cryptocurrencies like XRP, ADA, and AVAX have also recorded double-digit gains, outperforming Bitcoin in the market.
Ether, the second-largest cryptocurrency, has been on a positive price trajectory, gaining 4.6% in 24 hours and approaching the $3,500 mark. The ETH-BTC ratio has increased by over 10% in the last week, highlighting the growing interest in Ether among investors. Spot ether ETFs in the U.S. have seen net inflows, in contrast to Bitcoin ETFs which have experienced outflows.
Derivatives tied to Ether have seen a surge in interest, with traders betting on higher prices for the cryptocurrency. The cumulative open interest in perpetual and standard futures contracts has reached a record 6.32 million ETH, valued at over $27 billion. This represents a 17% increase month-to-date, indicating a bullish sentiment in the market.
In addition, the gap between three-month ETH futures and spot prices has widened to an annualized 16%. This premium could attract more traders looking to capitalize on the price differential through cash and carry trades.
Overall, the crypto market is witnessing a bullish trend, with altcoins also participating in the Bitcoin rally. The percentage of Binance-listed alternative cryptocurrencies trading above their 50-day and 200-day simple moving averages has surged, indicating a broad market rally.
As the market continues to evolve and adapt, investors are closely monitoring these price movements and trends to make informed decisions. With Bitcoin nearing $94,000 and Ether showing strength, the crypto market is poised for further growth and development in the coming days. Stay tuned for more updates and analysis on Crypto Daybook Americas, your go-to source for all things crypto.
