Today (November 21, 2024), the cryptocurrency market continued to experience a volatile day. Although Bitcoin (BTC) continued to set a new all-time high (ATH) at $95,000, red covered most Altcoins.
Currently, BTC is trading around $94,500, up nearly 3% over the past 24 hours. BTC's market capitalization is around $1.87 trillion, with a trading volume exceeding $78 billion on the day, according to data from CoinGecko.
Highlights of November 21
Bitcoin (BTC)
ETF Inflows: US Spot BTC ETFs saw net inflows of $13 million during the trading session on November 20. However, data from major funds such as IBIT (BlackRock) and FBTC (Fidelity) is not yet available.
Bhutan and BTC: Notably, 39% of the Kingdom of Bhutan's GDP is now held in Bitcoin, with the country's total BTC holdings worth $1.14 billion. Bhutan is also mining between 55 and 75 BTC per week.
Ethereum (ETH)
Net Outflows: In contrast to BTC, US-based ETH ETFs saw a net outflow of $16.3 million on November 20. The largest selling pressure came from Grayscale’s ETHE fund.
ETH Staking: Swiss company 21Shares has launched staking functionality in its Ethereum Core Stake ETP product, with an average staking yield of 3.17%.
Cryptocurrency Presence at the White House
According to Bloomberg, the team of new US President Donald Trump is considering appointing a dedicated advisor on cryptocurrencies – if approved, this would be the first time the White House has had such a role.
Binance Exchange
Binance announced that it will delist a series of trading pairs by the end of November 2024, further affecting Altcoin investor sentiment.
Altcoin Highlights
Solana (SOL)
Phantom Wallet, a standout product on the Solana ecosystem, has now climbed to the 9th position in the App Store's most downloaded apps chart, surpassing both WhatsApp and Instagram.
Inside Floki (FLOKI)
After being listed by Coinbase, FLOKI token increased sharply by 14% and entered the top gainers on Binance.
Apartments (APT)
Bitwise has listed its Bitwise Aptos Staking ETP in Switzerland, marking Bitwise's first European launch since acquiring ETC Group.
USDS (Sky)
Sky's stablecoin USDS (formerly MakerDAO) officially launches on the Solana network, marking a new step in expanding the DeFi ecosystem.
Memecoin and DWF Labs
Market Maker DWF Labs Surprises with $20 Million Investment Fund Dedicated to Memecoins
Tether (USDT)
On the evening of November 20, an additional $1 billion USDT was minted at Tether Treasury, boosting liquidity in the market.
Conclude
While Bitcoin is setting new ATHs, the Altcoin market is under heavy pressure. The divergence between BTC and Altcoins is becoming more evident, along with major fluctuations from ETF inflows and important announcements from major projects such as FLOKI, SOL, and USDS.
In the context of strong money flows into Bitcoin, closely monitoring the movements of investment funds and large countries like Bhutan can help investors orient appropriate strategies in the coming time.
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